Handle payment collection like a pro with direct debit

Several moons ago, we told you about how our new Direct debit feature is simplifying payment collection and how soon it would be available for our lenders. We’re proud to announce that “we did a thing” with the new direct debit feature. Needless to say, our lenders and their customers can now handle payment collection like pros. The features and benefits of our direct debit service are comprehensive:

For lenders

• View and manage all direct debits in one place: Our lenders can now monitor all the mandates customers have submitted for loans or those uploaded manually within the Lendsqr lender admin console. They can also view details of each mandate created and their associated transactions. This centralized approach reduces the hassle of sifting through multiple systems. 

• Manage payment schedule of mandates: This feature also allows our lenders to have the flexibility to add and edit payment schedules for existing mandates, ensuring that payment arrangements align with both the lender’s and the customer’s preferences. Win-win for everyone!

• Book mandates manually for offline loans: Most lenders book loans for their customers outside of a system but then would still require a reliable payment method. With Lendsqr’s direct debit feature, you can manually create mandates by uploading a mandate letter or form that the customer has endorsed. This goes to the customer’s bank for authorization, and once approved, is available for debits.

Featured article: How to utilize configurable loan forms for your lending business

For customers

• User-friendly mandate authorization: We’ve also allowed our lenders’ customers to set up direct debit mandates by themselves. This simplifies the process and promotes their autonomy, ensuring that everyone has a say in how they want to make their payments. Our user-friendly interface (and we mean it) puts customers in control.

• Notification of direct debit mandate and transaction: Nobody appreciates getting unplanned debit alerts, including your customers. And so, they are constantly kept in the loop and notified when a mandate has been set up on their account and when a transaction happens. By doing this, we ensure everyone stays informed and create a clear, traceable record for all parties involved. It enhances transparency and trust in the lending process.

Our direct debit feature simplifies the payment collection process and enhances the monitoring of transactions. It makes it more convenient and efficient for lenders to track loan repayments from their customers’ bank accounts. With this feature at your disposal, you can ensure that nothing falls through the cracks and foster a more organized and reliable lending process.

But we don’t stop at just offering this feature. At Lendsqr, we are committed to providing excellent customer support (with us, you’ll Never Walk Alone). Our dedicated support team will always be available to address inquiries, concerns, and disputes related to direct debit transactions. Send us a message at support@lendsqr.com. Visit Lendsqr.com to start your lending business and unlock this feature.