LoanPay Xpress
$2,000.00
per file plus $100/month | Additional Magic Wrighter fees apply
CU*Answers has developed a daily file upload process to Magic Wrighter including various member loan information in order to facilitate CU*BASE clients being able to offer their LoanPay Xpress solution. LoanPay Xpress solution delivers an all-in one, multi-channel, mobile optimized platform for payment acceptance. It provides borrowers of all types with a quick and easy method for making their loan payments from any outside FI checking/savings account or credit/debit card. Several benefits include reduced paper check handling, decreased in-bound call volumes, and automating your CU’s back-end ACH payment posting. All payments post directly to the individual loan account via ACH as early as the next business day, eliminating the need for manually posting credit.
LoanPay Xpress can take Visa debit, Mastercard debit and credit, and Discover debit and credit as forms of payment.
Note: There is no mechanism to prevent a member from using a credit union LOC loan to pay on another credit union loan, or using a credit card to pay off a credit union credit card loan, etc.
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Chris Pratt –
This past year we were looking for a solution that would give our members the ability to make loan payments online 24/7 from an outside funding source without having to call in to the credit union. We have been working with Magic-Wrighter for years for our A2A solution and worked with them to launch LoanPay Xpress for an online loan payment solution. Members now have the ability to set up one-time and recurring loan payments via ACH or debit/credit cards at their own convenience, online, day or night via our website. Working with the DHD, we are able to upload daily files with loan and verification information, as well as paid off loan information so payments stop when they should. Members are loving the flexibility of when and how they can make payments, and staff are enjoying the ease of the automated solution.