System Settings: How do I set up ACH payment processing?

Happy Mango integrates the processing technology from Dwolla for online ACH payment processing.  Dwolla complies with NACHA and US banking rules, which require that Dwolla conduct due diligence on its users.  A lender using Happy Mango to disburse loan funds and collect repayments must set up a user account on Dwolla for processing payments and is subject to Dwolla's compliance review.  After the user account has been set up, the lender can add up to four bank accounts for processing payments on Happy Mango.  These bank accounts must be verified either through micro deposits or through online banking authentication.  Lastly, the lender will designate the account used for disbursement and the account used for receiving payments for each loan product that uses ACH as payment method.  It generally takes 5 business days and the following four steps to set up ACH payment processing. 

Step 1. Admin triggers an email to a designated "Controller" who will be the owner of the Dwolla processing account

On the System Settings page, select "Payments" and "ACH Payments". Enter the information of the person who is in charge of the Treasury function at the institution.  When clicking "Create", this person will be recorded as the owner for the ACH processing account to be created on Dwolla.  

In addition, an email will be sent to the "Controller Email" address.  This email includes a secure link for the Confoller to submit required information to Dwolla. 

Step 2. The "Controller" submits requested personal and business information to Dwolla for compliance review.

Clicking on the secure link in the Controller's email opens up a web form as shown below.  When the Controller completes the form and clicks on "Save", the information is submitted to Dwolla for compliance review, which takes 2-3 business days to complete. 

Step 3.  Admin adds the bank account(s) used for payment processing on Happy Mango

After the account review is completed, Controller and Admin will receive an email confirmation.  Then Admin can proceed to add bank accounts on the System Settings/Payments/ACH Payment page

Step 4.  Admin designates the appropriate bank account(s) for disbursement and/or for repayment for each loan product

To activate ACH processing, the bank accounts must be linked to a loan product. On the Servicing section on the Product Settings page, you will be asked to designate one of the added accounts for sending and/or for receiving payments on Happy Mango.