How to use Paystack for your loan repayments on Lendsqr

As a digital money lender, you need different technologies to ensure you get paid back. Lendsqr has done a fantastic job of making all these technologies available to you. 

Paystack is one of the companies we’ve integrated with and is available to all our lenders. Paystack is a Nigerian payment platform company owned by Stripe but operates across Africa – Ghana, Kenya, Nigeria, South Africa, Ivory Coast, Egypt, and Rwanda. As a lender using  Lendsqr’s loan management software across these seven (7) countries listed, you can conveniently use Paystack for your loan repayment collection.

Requirements and procedure to integrate Paystack as a payment method

• Sign up and create your Paystack account.
• Meet the requirements of the country in which you operate.
• Have an up-to-date lending license.
• Log in to your admin console.

Follow the steps below:

3. Select “Card Repayment Settings“

4. Select “Card Processor Provider“

5. Select “Paystack” as your preferred card processing provider

6. Click on Save

Considerations when integrating Paystack as a payment method

1. Paystack payment integration is available for all subscription tiers at Lendsqr.

2. Prepare for potential chargebacks.

3. Ensure that your card is not being used for fraudulent activities.

4. Take note of Paystack transaction fees.

5. Take note of Lendsqr service fees.

6. Maintain consistently up-to-date license

Payment channels available on Paystack

1. Debit cards

2. Credit cards

3. Virtual cards

4. Virtual accounts

5. Direct debit

Loan repayments, Easy. Your partner, Paystack. 

Paystack is one of the most formidable payment platforms in the world, so it’s hardly any surprise Stripe acquired it in 2020. As a digital lender, you understand the importance of those loan repayments. That’s where Paystack shines, offering a reliable and convenient solution across Africa. Integrating Paystack through Lendsqr makes things even better: multiple payment options, airtight security, and effortless transactions. It’s a win-win for you and your borrowers. 

Think about the time spent growing your loan business instead of chasing payments. Think of those hours saved, the stress reduced, and the happy customers. This is why it’s no surprise that Lendsqr highly recommends Paystack.

Need to know more about what Paystack can do for you? Send us a message at [email protected]. We’re here to answer all your questions.