ACH Payment Processing

The Loan Accounting and Management System allows you to designate customers that process their payments through an Automated Clearing House (ACH). The A.L.S. system can gather information regarding standard monthly payments and one time payments for these accounts. The system then creates a file using the standard NACHA format that can be submitted to your bank so the funds can be pulled from the customers' accounts. After the withdrawal is confirmed by the bank you can then and post the anticipated payments

This optional software module works in tandem with our Automated Payment Processing Module. A process will be made available to you to gather these monthly payments for a range of payment due dates. Once the data is gathered the operator is given an ACH Payments For Processing Report detailing the accounts to be updated.

After receiving confirmation of the withdrawal the operator needs only enter the name of the file shown on the ACH Payments For Processing Report into the Automated Payment Processing Module main screen and from there each payment in the file is updated to the proper account. In the event that you receive a notification from your internal ACH process that a payment could not be pulled, it is easy to reverse the automated payment and post it when the funds are made available

All the payments processed through the Automatic Payment Processing Module appear on the Posting Journal Report and are reflected everywhere payments processed individually would be. Account payment history inquiries are updated and current balances reflect the payment immediately.