Below are some of the top questions we receive regarding our Automated ACH Payment Processing Integration with Actum:
Please review these before submitted a support ticket through the ‘Help’ tab of your Investment Dominator system.
- Do I need my own account with Actum, or do I use a shared corporate account?
In order to use the Actum Integration, you will need to have your own account with Actum which you can get by filling out the Interest Form located at: https://www.landprofitgenerator.com/actum/ - Should I have active owner financing Notes in my Investment Dominator system before I set up an Actum account?
Yes, this is recommended because in order for your application to be approved, Actum does look at whether or not you are an established investor with active Notes currently. - What are the costs and fees associated with Actum ACH Processing?
The following costs and fees are typical for land transactions, however, each merchant will have their own agreement with Actum and so these amounts are both subject to approval and change:
Monthly Fee: Waived
Per Debit: $0.85
Per Return: $5
Per Chargeback: $25
Per Refund: $0.85
Per Pre-Note Transactions: $0.25
*Contact Actum directly to get the latest cost and fee schedule. - How long does it take to set up an Actum account?
Once you apply for an Actum account through the Actum Interest Form, there is an underwriting process that takes around (5) business days before you get approved. - How long does it take for an ACH transaction to process and funds to be deposited into your bank?
It typically will take 3-5 business days for the funds to transfer from your buyer’s bank account to your Actum account, then another 3-5 business days to transfer from Actum to your bank.
More information can be found on Actum’s website at: https://www.actumprocessing.com/ach-settlement-times/
The Investment Dominator will check the status of the transaction on the day you have set as the Grace Period for in your Note. - How can I double-check transactions through my Actum WebTrans Application?
You can go to www.ActumProcessing.com click on the ‘Login’ option to the top right of the website and log in using your Actum credentials. - What happens if my buyer has insufficient funds in their account when the ACH transaction is submitted?
It is a similar process to when a check is bounced. A Return Fee is charged to both you and your Buyer for insufficient funds.
More information about this can be found on Actum’s website at: https://www.actumprocessing.com/knowledge-base/accessing-the-return-count-report/ - How do I cancel an ACH transaction?
This needs to be done through your Actum Merchant Portal which you can access by going to www.ActumProcessing.com then by clicking on the ‘Login’ option to the top right of the website.
Follow the instructions posted on Actum’s Knowledgebase to properly cancel a transaction: https://www.actumprocessing.com/knowledge-base/how-to-revoke-cancel-a-transaction/ - How to log a manually processed Actum transaction?
This needs to be done through your Actum Merchant Portal which you can access by going to www.ActumProcessing.com then by clicking on the ‘Login’ option to the top right of the website.
Follow the instructions posted on Actum’s Knowledgebase to properly cancel a transaction: https://www.actumprocessing.com/knowledge-base/how-to-submit-a-transaction-through-the-virtual-terminal/
Once the payment has been set up in Actum Manually you will want to log the payment in your Investment Dominator system manually also. Here are the instructions on how to log a payment manually: https://guides.investmentdominator.com/notes-how-to-log-a-received-loan-payment/ - What do I need to know about Actum?
1) They are a 3rd party ACH Payment Processor.
2) You will need your own Actum account in order to use our Integration with them.
3) You must have a signed CONSUMER ACH PAYMENT AUTHORIZATION FORM from each buyer that you set up with automated payment ACH processing through Actum. - How to contact Actum Support regarding your account?
They can be reached online through their ‘Contact Us’ page: https://www.actumprocessing.com/contact-us/ or by phone at 1-(800) 975-5640 - How does my buyer authorize the direct debit transaction?
You should include a CONSUMER ACH PAYMENT AUTHORIZATION FORM with your closing paperwork and require your buyer to sign it. Actum can provide you with a sample form. - What will my buyer see on their bank statement each month?
When going through the Actum Application process you will set up a Merchant Name and this is what displays on the bank statement of your buyer when a charge is debited to their account. - What day of the month will the buyer be auto-billed?
Buyers will be billed on the ‘Due Day‘ that is set for that Note. - What day of the month does the system check Actum to see if a charge was successful?
The system checks the status of a transaction to see if it was successful or not on the ‘Grace Period‘ day set for that Note. - How do I log a manual payment that was charged through my Actum Virtual Terminal?
If you have already created a manual charge from your Actum Virtual Terminal and want to log that amount processed under your Investment Dominator Note, first you will need to ensure that the ‘ACH Direct Deposit Actum – Manually‘ payment option is enabled under ‘Customize> Note Settings> Accepted Payment Method‘. Then from your ‘Edit Note‘ screen, you can log your payment manually under the ‘New Payment‘ section. Click here for more information about login payments manually.