Payment Processing and Commission Management

The video tutorial explains how to process commission payments from personal loan accounts using the NMI Gateway. It covers the necessary steps to ensure payments are processed correctly, including obtaining account and routing numbers. The tutorial also emphasizes the importance of updating payment statuses and handling any payment failures promptly to maintain client satisfaction.

What is the primary focus of the video tutorial?

• How to create a savings account

• How to process a commission payment from a client's account

• How to apply for a personal loan

• How to manage wire transfers

What triggers the email notification mentioned in the video?

• When a client applies for a loan

• When a personal loan account is funded

• When a client sends a wire transfer

• When a client updates their account details

Why should wire transfers not be used for commission payments?

• They are faster than other methods

• They are not secure

• They are not taught in the tutorial and can be complex

• They are too expensive

What is the name of the payment processor used in the tutorial?

• PayPal

• Stripe

• NMI Gateway

• Square

What information is needed from the client to process a commission payment?

• Account and routing number

• Social security number

• Credit card number

• Home address

Who needs to grant access to process loans or commissions out of someone's account?

• The client

• The bank

• The instructor or Finn

• The payment processor

What should be updated once a commission payment is processed?

• Client's credit score

• Miller note board

• Client's personal details

• Loan application status

How long does it typically take for an ACH payment to be processed?

• 1-2 days

• 5-7 days

• 2-5 days

• 2-3 days

What should be done if a payment fails?

• Call the client and arrange an alternative payment method

• Send an email notification

• Wait for a few more days

• Ignore it

What should be done if the payment is successfully processed?

• Update the Miller note board and mark the invoice as paid

• Send a thank you note to the client

• Notify the bank

• Close the client's account