How to use Monnify with Lendsqr for loan repayments

Loan defaults are a lender’s worst nightmare. That’s why they leverage various technologies and strategies to ensure timely repayments and minimize losses. The good news is that, as a digital lender using the Lendsqr loan management software, you can rest assured that we have already integrated the technologies necessary to facilitate your loan repayments, collaborating with the best payment providers known to the market.

About Monnify

Monnify, one of Africa’s largest payment fintechs, is one of Nigeria’s most reliable and valuable payment gateways. It is owned by the Fintech Company Moniepoint and has become one of the most reliable payment gateways for loan repayment.

What distinguishes Monnify from other payment service providers is its dedicated support for merchants within Nigeria. They facilitate straightforward transactions between both parties, ensuring smooth payments and eliminating obstacles for consumers and merchants—or, in this case, lenders and borrowers. So far, it’s doing an outstanding job of bridging the payment gap.

So, if you’re a lender on Lendsqr, you can use Monnify for loan repayment/collection. 

What you need to integrate Monnify as a payment method

Setting up a Monnify account is simple. Sign up on their website and ensure you meet the requirements of the country where you operate. This would entail possessing a valid lending license, so be sure yours is updated.

Once your Monnify account is set up, log in to your Lendsqr admin console to configure the settings and integrate them as a payment method. 

Then, follow the steps below:

• Go to the settings section
• Select “System configurations“

• Select “Card Repayment Settings“

• Select “Card Processor Provider“

• Select “Monnify” as your preferred card processing provider
• Click on Save

Featured read: How to use Paystack for your loan repayments on Lendsqr

What to consider when integrating Monnify as a loan repayment method

Before integrating Monnify as a payment gateway, preparing for various financial considerations is important. These include Monnify transaction fees (which provide access to your API keys), Lendsqr service fees, and the potential for chargebacks if borrowers dispute transactions.

To proceed with integrating Monnify into your Lendsqr account, please contact our product support team at [email protected] and supply your API keys.

Lastly, to prevent disruptions in your operations, ensure your license is always up-to-date and your card is safeguarded against fraudulent activities.

What payment channels are available on Monnify

Monnify allows you to receive payments from your customers via bank transfers, debit cards, USSD, and through the use of their phone numbers. Every time a transaction is initiated, the Monnify SDK displays a distinct account number, which your customers can pay into using any available payment methods.

• Pay with Bank Transfer: This method allows your borrowers to pay to a dynamically generated account number for the transaction.
• Pay with USSD: This method allows customers to pay using USSD.
• Pay with Card: This method allows borrowers to pay using their card.
• Pay with Phone Number: This payment method allows your borrowers to pay using a phone number to initialize a session.

Other payment channels available include Direct debit, Offline payments, Virtual accounts, Transaction splitting/Sub accounts, and Invoicing. 

Featured read: How to use Seerbit with Lendsqr for loan repayments 

Master loan repayment with Monnify

At Lendsqr, we are committed to providing our clients with the best available payment technology. After all, the end goal of any loan is repayment. If you need assistance with integrating Monnify or with any other aspect of loan management software, our product support team is just an email away at [email protected].

With their reliable payment solutions and our robust loan management system, you can focus on growing your lending business, knowing that your loan repayments are in safe hands.