Payments Option Management

Business Objective 

Provide Borrowers with the possibility to add Credit Cards and Bank Accounts to Borrowers Personal Accounts, with the subsequent opportunity to take One-click payments.
To simplify the loan repayment process, Turnkey Lender System allows taking a recurring payment from Borrower's account using saved Credit Cards and Bank Account details.

Adding payment method during the registration process

When Borrower completes the application form, Turnkey Lender System prompts to add one payment option, New Card or Bank Account. The first added payment method is assigned by System as default.

The procedure of adding Credit Card and Bank Account are shown below.


Adding payment methods to the Borrower's Personal Account

Borrower has the possibility to link one or more Payments options to his personal account by clicking on the Payment options page and set one of these cards as 'Default'



ADD NEW CARD button. By clicking this button Borrower will add a new debit card to his personal account.

ADD BANK ACCOUNT button. By clicking this button Borrower will add a new bank account to his personal account.

 By clicking this button Borrower can manually set the corresponding payment method as Default for payments. 

Only one payment method can be set as Default

Adding the debit card

After the ADD NEW CARD button was clicked by the Borrower, Add a new debit card window opens.



In order to add a new debit card, Borrower should enter the next data:

  • Curd Number
  • Card Name 
  • Expiration Date

After all required fields were filled, save the debit card data by clicking the OK button.  

Adding the Bank Account 

After the ADD BANK ACCOUNT button was clicked by the Borrower, Add a new bank account window opens.


In order to add a new bank account, Borrower should enter the next data:

  • Bank name 
  • Financial Institution Number
  • ABA (Routing) Number
  • Account Number
  • Account Type

After all required fields were filled, save the bank account data by clicking the OK button.

Manual Repayment

Turnkey Lender System allows taking a payment from Borrower's account by clicking on the REPAY button on the Loan Details Area. The REPAY button is active fo loans with Active, Past Due and Rollover requested statuses.

Once the button REPAY was clicked, the new Submit Repayment window opens.

Borrower has the opportunity to take a manual repayment:

  • Pay Total Balance is the total outstanding balance 
  • Current Payment is the current debt.
  • Another Amount. Borrower can manually enter the required amount.

After the required option was selected and OK button was clicked, then System withdraws the required amount from the default payment method.


Banners

Turnkey Lender System informs Borrower on the Borrower's Dashboard about the absences of the Payment method or expired cards by the corresponding banner notification.

Borrower has the opportunity to take a manual repayment:

  • Pay Total Balance is the total outstanding balance 
  • Current Payment is the current debt.
  • Another Amount. Borrower can manually enter the required amount.

After the required option was selected and OK button was clicked, then System withdraws the required amount from the default payment method.