The Lender Credit Card is a payment type that must be enabled and stored at the division level. If your organization would like to have a company credit card charged for appraisal orders, you will need to enable this option via the Billing/Services section. From Relationships, expand the division you want to enable the Lender Credit Card, select Edit Settings, and expand the Billing/Services section.
Midway down the Billing/Services page, look for Store Credit Card.
Enable the box adjacent to Store Credit Card. You will see new fields revealed. Select the Show Lender Card link to access the fields required to complete the credit card setup. If your organization would like to use this lender card on all credit card orders, enable Require this credit card for all orders.
Enter the appropriate information in all required fields, which will be designated by the asterisk (*).
Once you have completed the credit card information, be sure to select the SAVE button towards the top of the Billing/Services section. The saved lender credit card will display, as shown below, in the division settings.
Once the Lender Credit Card has been successfully stored, Lender Credit Card will be an available option under the Payment Method dropdown. Since the card information is stored in the system, there is no need to enter the card information again.
When viewing the Communications Log, the authorization will be displayed as the following:
Opening the Payment Authorization will look like the following, where the last four digits of the Lender Credit Card will be displayed:
Order assignment occurs simultaneously once the Payment Authorization posts. On the order acceptance screen, the appraiser will have access to the Payment Terms, which will display that Appraisal Firewall is responsible for paying the appraiser. This is because Appraisal Firewall is the party processing the payment type.
Another location the payment is disclosed for all parties is the Print view from the Property Information (house icon) tab.
Located under the Payment Details heading, the information will display that Appraisal Firewall pays the appraiser directly. Additional information shown is how much the appraiser is charging for the work completed and if any service fees are assessed by the appraiser. In the example below, the appraiser would collect $3.
The Billing Details tab will also display the party responsible for paying the appraiser. This can be found towards the bottom of the screen.
When an appraiser accepts the order, this will trigger the transaction to go through, collecting the funds from the Lender Credit Card.
Once the order is completed, Appraisal Firewall will remit payment to the appraiser. Since Appraisal Firewall is the party responsible for remitting payment, any service fees the appraiser is responsible for paying will automatically be deducted. Payment cycles by Appraisal Firewall occur twice a month.
- Orders completed between the 1st and 15th of the month will have payment remitted on or around the 20th of the month.
- Order completed between the 16th and End of the month will have payment remitted on or around the 5th of the following month.