Payment Methods

Payment method is selected from a drop down list during transaction entry. The contents of that drop down list are defined in Setup > Loan Setup > Payment Method.

Payment Method

Click Add Add to add a new payment method. Enter a description for the new payment method, and click OK to add the new payment method to the list.

NLS 5.20 and later

Req Payer Info: Select this option to require the payer information to be entered during a transaction entry.

NLS 5.26 and later

$ Threshold: Payments greater than the specified threshold will require additional payer information to be entered during transaction entry when Req Payer Info is selected. Click Modify to enter a threshold value.

Fund Hold Days: This parameter relates to trust servicing. If you are servicing a loan for another lender, and all payments must be remitted to that lender upon receipt, the voucher for the remittance to the lender is delayed by this number of days to allow for the payment to clear. The voucher for the servicing fee would be offset by an associated hold voucher to indicate that the servicing fee was for a payment that had not yet been remitted to the lender.

Cash Drawer Transaction Type: When using cash drawers, the payment code can be set to register in a cash drawer as cash or check.

NLS 4.10.9 and later

When the Active checkbox is selected, the corresponding payment method is shown in the Payment Method drop down list which is available in transaction entry, batch processing, ACH setup, global suspense transaction entry, and transaction history.

NLS 5.7 and later

When the Quick Pmt checkbox is selected, the corresponding payment method is shown in the Quick Payment dialog.