Charging a Loan Transaction
Charge Transaction Screen
Below is a screenshot of the screen where you enter in the details of what you are wanting to charge.
How it Works
Lendiom will create a negative "Other Fee" transaction to record the charge. Lendiom will go through the normal process of creating a transaction for Other Fees, including updating the balance due on the loan.
Once the system finishes that, then Lendiom will create a second transaction and charge the client's default payment method — whether that is a card or bank account. This process then reduces the loan's other fee balance.
Requirements
- PayArc Processing to be enabled.
- The client must have an enabled default payment method.
- Charging must be enabled on your business.
Enabling Charging
To enable this feature on your account, please contact support. We will require proof that your clients have signed a document or contract authorizing you to charge their payment method on file with Lendiom. This can be your contract that has verbiage stating this or an addendum to the contract. We are not attorneys and thus cannot, and will not, recommend the verbiage for you to include in your contract or the addendum to have them sign.
Recording Other Transactions
Lendiom also offers the ability to record transactions that occur outside of the system. This may be a payment or fee paid via via cash, check, money order or online payment service (such as Venmo, as an example). To create a transaction using this method, click Record Transaction in the user interface.
To record special fees, select Other Fee from the Type drop-down list. Note that negative values in the Amount field accrue to an Other Fee balance.
To increment or decrement this balance, separate new transactions need to be added into the loan, just as they were created initially. Otherwise, this balance will remain.