Payment Processing Diagram

Tuesday, August 30th 2022. | Sample Excel

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Payment Processing Diagram – Payments are the lifeblood of any lending business. Most donors want to raise money in a way that doesn’t require a lot of cost or effort. Processing payments includes initiating payments, transferring funds, recording payments against related loans, and checking defaults and refunds to ensure payments have actually been received. LoanPro integrates and/or provides solutions for many types of payments. Lenders can choose the payment processing option that is most convenient for them.

This chapter provides information on how to process payments by credit/debit card, ACH/EFT, and NACHA filing. The diagram below shows how payments work. This article will refer to the image to give a clear picture of what happens when the payment is processed.

Payment Processing Diagram

Payment Processing Diagram

LoanPro provides options to submit payments manually, such as custom payments, via an API or through a customer-facing website. Regardless of the mode of payment, the process below is the same.

The Process Of Tokenization

To process a payment, payment information is required. The image below shows how to create payment information in LoanPro.

PCI compliance regulations dictate that only bank account information can be entered directly into secure payments. This can be achieved by importing an iframe into the LoanPro user interface. When payment information is submitted, Secure Payments will store and return a token to LoanPro, which LoanPro can use to reference future payment information. Payment information includes credit/debit card and bank details.

There are four different payment methods: Credit/Debit Card, ACH, EFT, and NACHA. For the purposes of this article, we’ll be talking about ACH and EFT because they both use bank account information to automatically process payments. When submitting a payment through LoanPro, how the process is followed depends on the payment information and process. Secure Payments will link a payment transaction to an account with our additional integrated system, or use transaction marking methods for inclusion in NACHA files.

Most banks and ACH processors will make multiple payments on the same day, for the same amount, from the same bank account in duplicate, regardless of whether it exists or not. This means that if you have multiple payments that share all these characteristics, only one of the transactions will be processed.

Acquiring Banks Vs Issuing Banks In Credit Card Processing

LoanPaymentPro, TabaPay, Repay, and now offer credit/debit card processing within LoanPro and Secure Payments. When a payment transaction is submitted through Authorize.Net, the amount, transaction and payment information is sent from LoanPro to Secure Payments. Secure Payments will use the code to identify payment information and submit the transaction to Authorize.Net. Authorize.Net will provide an immediate response to security payments indicating whether the transaction was successful or not. If the transaction was successful, Secure Payments will send a success response to LoanPro, and LoanPro will record the payment and save the information returned from Authorize.Net.

Authorize.Net accepts only 1 transaction per minute of the same amount. If a user attempts to make more than one payment/purchase per minute, Authorize.Net operators will reject any transaction in progress. An error message will be displayed with the text “A duplicate transaction has been submitted”.

When an ACH/EFT payment is submitted, the amount, transaction and bank details are sent from LoanPro to Secure Payments. Secure Payments uses the code to identify payment information and sends the information to the ACH or EFT processor. If there is no unexpected problem with the data, a successful response will be returned to the secure payment. This does not guarantee that payments will be successful. Secure Payments will provide transaction information and success response to LoanPro. If the transaction fails, Secure Payments will query the ACH or EFT processor to determine the status of the transaction, or the ACH or EFT processor will send information about the transaction failure to Secure Payments. Depending on your secure payment settings, information may be sent to LoanPro and transactions may be reversed.

Payment Processing Diagram

The use of a NACHA file for payment processing including LoanPro and Secure Payments is minimal. When you submit a payment transaction to the NACHA processor, Secure Payments will receive the transaction and provide an immediate success response to LoanPro. Transactions will be recorded in LoanPro. However, that doesn’t mean money is going up. The next step is to create a NACHA file. To generate the NACHA file, you have two options: you can generate an unbalanced NACHA file or an 80-byte file via secure payment. Finally, you can download a payment default report from LoanPro, and with that information you can create your own NACHA file.

Late Payments Process Map

Once you receive the NACHA file, you submit it to the bank that will process the payment. It usually takes a few days to complete. Once the process is complete, the bank will usually provide you with a file containing information about the failed transaction. You can use this information to create an import file so that these payments can be transferred back to LoanPro. To be clear, once a report or NACHA file is created, the rest of the process is done outside of LoanPro and Secure Payments. If you need a custom payment processing solution, you should use one of our integrated ACH or EFT processors.

Payments will be made to the bank you specify in the payment method you use. LoanPro never earns money for your payment transactions, we do not act as an intermediary of any kind.

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