It’s very convenient to be able to take payments directly from your loan software. It’s even more convenient to have your loan software automatically pull payments from your customers’ credit/debit cards or bank accounts. This article will give general information about LoanPro’s payment options.
LoanPro is directly integrated with PCI Wallet. This service lets you process payments through a number of companies. This article will briefly cover the payment processing companies that PCI Wallet supports and how these payments work.
Methods of Payment
Authorize.net is the only company that PCI Wallet is integrated with for credit and debit payments. This integration works for U.S. companies ONLY. There are several pieces to a credit/debit card transaction, but the two that will be important to any company wanting to take credit/debit payments through LoanPro are the payment gateway and the merchant services provider.
In LoanPro’s case, the payment gateway will be Authorize.net. This online service replaces the physical swiping of a credit or debit card. Payment information will be relayed to Authorize.net first and then routed through your merchant services provider to the credit card company.
The merchant services provider is the company that actually provides access to the credit card companies (e.g. visa). This company will usually charge a per-transaction, percentage-based fee. It will be important that you get a good rate from your merchant services provider if you are doing a lot of transactions, because it could cost you a lot of money.
By far the easiest and best way to get a merchant services provider and to sign up with Authorize.net is through Select Bankcard. LoanPro spent significant time negotiating with merchant services providers in order to get the best rates. These rates are available to all of our customers. Select Bankcard is also has had a lot of experience working with LoanPro customers and will efficiently set you up to take credit/debit payments online. Even if you have an existing merchant, we urge you to look at Select Bankcard. We have had several customers save more than the cost of LoanPro software just by using them.
LoanPro is integrated with several eCheck merchant service providers. eCheck merchants can have very specific and strict requirements so we hope that the number of options available through PCI Wallet will mean that there is a good option available for your company. If not, PCI Wallet is constantly adding integrations with eCheck processors. The current company PCI Wallet supports is SpeedChex.
PCI Wallet is also integrated with VersaPay for EFT transactions. EFT transactions work similarly to eCheck transactions. You can only use this integration if your company is based in Canada.
Using the Integration
Regardless of which company you use, you will be provided information you must enter into the LoanPro system in order to process payments through LoanPro. To enter this information, navigate to Settings > Company > Merchant > PCI Wallet inside your company’s account. For more specific information on each company’s integration, see Authorize.net, SpeedChex, Intercept EFT, Balanced Payments, Check 21, or VersaPay.