How to use Flutterwave with Lendsqr for loan repayments

The most important part of  a loan lifecycle is repayment. As a digital lender, you need to employ different technologies and tactics to achieve super loan performance and reduce loan defaults; the bane of non-repayments.

As a digital lender on Lendsqr, you don’t need to worry because these technologies are already available to drive your loan repayments as we support the best payments providers. Flutterwave, one of the largest payment fintechs in Africa, has evolved to become one of the most dependable technologies for loan repayment at your disposal.

This leading African payments technology company provides a suite of tools and infrastructure to help businesses across the continent and globally accept and process payments. 

Flutterwave primarily offers a payment gateway that supports a wide range of payment methods including cards, bank transfers, mobile wallets, and even USSD, payouts to bank accounts and mobile wallets in various African countries.

In addition, there are tools for creating invoices and managing subscriptions, as well as plugins and integrations for popular eCommerce platforms like Shopify and WooCommerce.

Flutterwave is supported in Nigeria, Ghana, Kenya, South Africa, Uganda, Zambia, Tanzania, Cameroon, the United Kingdom, America, and Europe. The best part is Flutterwave allows businesses to accept payments in over 150 currencies and from customers around the world.

So if you’re a lender on Lendsqr in any of these parts, then you can use Flutterwave for loan repayment/collection. 

Requirements and procedure to integrate Flutterwave as a payment method

Setting up a Flutterwave account is straightforward. Simply sign up on their website and make sure you meet the requirements of the country in which you operate. This would entail possessing a valid lending license, so be sure yours is updated.

Once your Flutterwave account is set up, next log in to your Lendsqr admin console to adjust the settings and integrate Flutterwave as a payment method.

Then, follow the steps below:

1. Go to the settings section

2. Select “System configurations“

3. Select “Card Repayment Settings“

4. Select “Card Processor Provider“

5. Click “Edit” and select “Flutterwave” as your preferred card processing provider

6. Click on Save

Considerations when integrating Flutterwave as a payment method

To ensure a smoother integration of Flutterwave with your Lendsqr account, kindly reach out to our product support team at [email protected] and provide your Flutterwave API key.

While integrating the payment gateway, you need to prepare for several factors that can impact your finances. These include potential chargebacks that may happen if borrowers dispute transactions, making sure your card is not being used for fraudulent activities.

Also take note of Flutterwave fees per transaction on transfers and payments you receive and Lendsqr service fees. Finally, remember to maintain a consistently up-to-date license to avoid any interruptions in your operations.

Flutterwave’s wide range of payment channels

Flutterwave supports a wide range of payment channels to make transactions easy and convenient for lenders and their customers.

1. Cards: Accepts payments from all major card networks like Visa, Mastercard, Verve, and more, for global reach.

2. Bank accounts (direct debit): Allows customers to pay directly from their bank accounts, providing a secure and often more affordable option.

3. Mpesa: Taps into the popular Kenyan mobile money platform, expanding your customer base in East Africa.

4. QR code: Supports quick, contactless payments through simple QR code scans.

5. Mobile money: Connects easily with popular mobile wallet providers across Africa, reaching a large demographic that prefers the ease and security of mobile payments.

6. USSD: Your customers without smartphones or internet connections can make payments using simple codes through their mobile phones.

7. Bank transfer: Supports convenient bank transfers, offering a familiar payment option for customers.

8. Apple play/ Google play: Provides seamless payments for users of Apple and Google devices.

There are no excuses for losing money now

Integrating Flutterwave into your Lendsqr platform as a digital lender offers a world of possibilities for loan repayments.

Not only do you streamline the collection process, but you also provide your borrowers with a multitude of payment options they can choose from. Add in Flutterwave’s global reach, and you’ve set up a system that knows no borders when it comes to getting your money back.

If you have more questions about integrating loan repayment platforms, simply reach out to us at [email protected].