The ACHQ Process and Bryt

Disclaimers on ACH Feature

- Cannot automatically draw from borrower's account via ACH - manual oversight and input are required by either the servicer or borrower.
- Payouts are not possible at this time.
- Cannot collect more/less than a period's expected dues - it is a 1:1 mapping.
Note: There is a workaround to change a period's dues via the Modify - Payment / Amortization setting but you should understand that collecting more/less will affect the loan's future dues. After editing a period's due amount to be more/less, the servicer/borrower can revisit their payment page to submit an ACH request, which will reflect the higher/lower amount. 

3 Ways to Submit ACH Requests in Bryt

1) Notices payment link and One-time payment link (Borrower and Servicer): One way to submit ACH requests is by the borrower via a configured Payment Request notice using the [PAYMENT_LINK] variable. This option inserts a one-time payment (OTP) link which is available to the borrower for 10 days before it expires. For this reason, your Payment Request notice trigger may be less than 10 days before their due date, if you believe your borrows would wait until or past their due date to submit their payment. 

The One-time payment (OTP) link is also always available via the loan's ACH tab by using the 'Get Payment Link' button, this way you can copy the link and email that directly to your borrower (this link also expires after 10 days). Or you (Servicer) can use the 'Go to Payment Link' to see the payment page and submit an ACH draw on behalf of the borrower (by doing this, if the loan is late, only the servicer will see a 'Waive Late Fee' check box option that will deduct the late fee amount for their dues). 

2) Recurring ACH Option (Servicer Only): If you opt for Recurring Payments to submit ACH requests - for loans that have this enabled you should not refer to the other methods such as the borrower portal or OTP (this setting is enabled on a per-loan basis).When enabling the Recurring option on loans, it is assumed the servicer will oversee the management of these loans and initiate payments on behalf of the borrower using the 'Schedule with ACHQ' button via the Recurring Payments Dashboard widget (guide here). For this reason, you should only use this option if the loan's payments are timely and due in the future. When a loan becomes late for more than one period (you have the option to collect a period with a late fee) you'll want to 'Stop Recurring Payments' and settle the loan's dues manually by using the OTP methods or collect dues via alternate means (Zelle/PayPal/etc.) then use Recurring once it's back on track.

Note: If this option is enabled the borrower cannot submit their dues via the borrower portal. 

3) Borrower Portal (Borrower Only) (only available if you've paid for this add-on module): The borrower portal allows your borrowers to register for an account and initiate payment to you themselves. Click here to learn more about the borrower portal. To learn about the portal from the borrower's perspective, click here. 

Note: If you have Recurring enabled for the borrower's loan, the borrower cannot initiate the payment themselves via the portal.
Another reason the borrower may not be able to submit their payment via the borrower portal is if you have the investments module with no investors/lenders assigned to fund the loan.

How to Cancel or Clear an ACH payment from a loan

Required First Step: If the loan has the Recurring ACH option enabled, you'll want to disable that by going to the loan's ACH tab and clicking the 'Stop Recurring Payments' button, then re-enable it once the pay period has been cleared from the schedule. This is because this option sets up 'flags' for future dues and when you are canceling/deleting an ACH payment it doesn't get reset until it's stopped and re-enabled. 

1) Only ACH submissions with a status of 'Scheduled' can be requested for cancellation (via ACHQ) and deleted from the schedule (Bryt), once it's 'In Process' it can no longer be canceled. The 'Scheduled' state usually only lasts for 1 business day but could be 2 or more days depending on what day it lands.

To request a cancellation, you'll want to reach out to your contact at ACHQ by sending them an email or giving them a call, if you don't remember who supplied your merchant credentials then you can email support@achq.com. Alternatively, you can use ACHQ's SpeedChex portal and cancel a payment there - you'll want to reach out to ACHQ to request training if you're unfamiliar with this option. Once it's been canceled on ACHQ's end, the ability to delete the ACH payment attempt on Bryt will appear the following morning (although it can become available as soon as 4 hours). 

2) If a payment returns as 'NSF'/'Returned Other' or for any other reason you need to clear an ACH payment from the schedule - you'll first want to go to the loan's ACH tab and look at the far-right Options column. Once there, if an ACH payment has returned 'NSF', you'll see an 'NSF' button (click here for the full guide). If an ACH payment has 'Returned Other' you'll see a 'Del Payment' option (click here for the full guide). For payments that have been canceled via ACHQ's SpeedChex portal, you'll see a 'Del Payment' button option on the loan's ACH tab under the Options column.
Note: The Options column buttons for 'NSF' or 'Del Payment' will only appear after 4-24 hours as the updater service for ACHQ is run between systems, otherwise, no button options will appear. 

That's all for this article. If something is unclear, please email support@brytsofware.com so we can revise the article. We appreciate it!