AutoPay Gets a Higher Daily Volume
Our sponsor bank has granted us a new higher processing
limit. The first and fifteenth of the
month are always big days for loan payments, and those two days account for roughly
50% of the total monthly payment volume.
The payments scheduled for March 1st put is very close to our
cap, and I reached out to the bank a few days in advance to let them know a
temporary increase might be needed.
The bank raised the processing limit temporarily for the big
batch on the 1st of March, and later approved our application to
make the increase permanent. This
gives us space to grow for at least six more months before another limit increase
is likely to be necessary.
Since AutoPay first started as an Alpha trial program about
eighteen months ago, we’ve processed over a quarter million dollars in over 600
payments. There are well over a hundred
borrowers using AutoPay to get online access to their loans and to make ACH
payments directly from their bank accounts.
All kinds of weird shenanigans have happened with payments. Typos in payment information, bank accounts that were frozen to closed, a solid number of NSF returns. As each new issue arose, we adjusted the
system to accommodate the problem and everything went quite well.
At the same time, we got tons of feedback and questions from
borrowers and lenders that helped us to design and improve the system to cover
all the various ways that people on both sides would need access and control
over payment information.
We’re starting a final development cycle now, and the end
result will be AutoPay out of beta and in full production. This last push will include the addition of
record history tracking. Every payment
will be marked with how it was created and who was last to edit the
payment. Was the payment created by the
borrower, lender or because of a recurring payment setting on the loan? When was it created? Who modified it, and when? This information will be visible to both borrowers
and lenders. The AutoPay mechanisms in
the Whitman Tech store will get a makeover and rearrangement, so lenders will
be able to review upcoming payments and other usage details in their online account. Within Moneylender, the AutoPay windows will
get a final workover to make sure they’re highly polished and easy to use.
Internally, our payment batching mechanism is getting a new
layer of robustness. A new mechanism
will formalize the process of confirming every batch file . This mechanism also ties each line of a batch
file directly to the matching AutoPay payment record. A smoother flow to the collection and release
of funds will make it easier to review every transaction and catch any potential problems before each batch is processed.
Having gone through an Annual ACH Processor Audit cycle, we
have some very cool metrics on our system, and these metrics will be extended
to allow lenders to see their volumes and counts from their WTech store account.
We’re very excited to be so close to the finish line for the
production launch of the AutoPay service.
If you own or service loans, get Moneylender Professional. Total control, no compromises, reasonable pricing. Enroll in the AutoPay companion service to give your borrowers access to their loans online and accept electronic payments from US bank accounts.
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home