How to use SeerBit with Lendsqr for loan repayment

For any lender, the most essential part of a loan is making sure it gets repaid. So, they employ various technologies and strategies to improve loan performance, reduce defaults, and prevent losses. As a digital lender on Lendsqr, you don’t need to worry because we already provide the technologies to drive your loan repayments, partnering with the best payment providers. SeerBit, one of Africa’s largest payment fintechs, has become one of the most reliable technologies for loan repayment.

This leading African payments technology company offers a range of tools and infrastructure to help businesses accept and process payments locally and globally. What sets SeerBit apart from other payment providers is its focus on the underserved and excluded segments of the Nigerian market. SeerBit seamlessly connects the online and offline market, removing friction for both consumers and merchants—or, in this case, lenders and borrowers.

SeerBit has over 1,000 merchants spread across 8 African countries (Nigeria, Ghana, Kenya, Senegal, Côte D’Ivoire, Uganda, Tanzania, and Burkina Faso). They are famous for being the payment processor for Netflix and the British Council. SeerBit decided to focus first on East and West Africa because it understands the fragmentation in these regions. So far, it’s doing a stellar job of bridging the payment gap.

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

Requirements and procedure to integrate SeerBit as a payment method

Setting up a SeerBit account is straightforward. Simply 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 SeerBit account is set up, log in to your Lendsqr admin console to configure the settings and integrate SeerBit 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. Select “SeerBit” as your preferred card processing provider

6. Click on Save

Considerations when integrating SeerBit as a loan repayment method

Before integrating SeerBit as a payment gateway, you must prepare for several factors impacting your finances. These include SeerBit transaction fees (which grant you access to your SeerBit API keys), Lendsqr service fees, and potential chargebacks that may happen if borrowers dispute transactions

To go ahead and ensure a smooth integration of SeerBit with your Lendsqr account, kindly reach out to our product support team at [email protected] and provide your SeerBit API keys.

Finally, remember to maintain a consistently up-to-date license and ensure your card is not being used for fraudulent activities to avoid interruptions in your operations.

Payment channels available

Cards: Cards are one of the most popular ways to make payments online, and they have a large global reach. SeerBit supports the most popular card types with a simple implementation.

Mobile money payments: Mobile money is an e-wallet payment method in Africa which allows you to accept payments from your customers with their mobile money wallets. Mobile Money is available to customers in Ghana, Kenya, Uganda, Tanzania, Senegal, Burkina Faso, Ivory Coast, Cameroon, and Mali.

Bank accounts: This payment method allows your customers to make payments through their Internet banking portal or by providing their bank account number and authenticating using an OTP sent to their mobile phone number or email registered to that account.

Transfer: This payment method allows your customers to make payments through bank transfer.

USSD payments: This method allows you to collect payments offline from your customers. The customer completes the payment by dialing a USSD code on their mobile device.

Loan repayments made easy

Ensuring loans get repaid is a big deal for any lender. The last thing you want is chasing down repayments, which is a headache for everyone involved. That’s why Lendsqr has partnered with SeerBit, one of Africa’s payment champions.

Integrating SeerBit with Lendsqr makes everything easier: you get multiple payment options, excellent security, and smooth transactions. It’s a win-win for both you and your borrowers.

Just think about the time you’ll save growing your loan business instead of chasing payments. Imagine the reduced stress, happy customers, and all those hours saved. That’s why Lendsqr strongly endorses SeerBit.

Got questions on how we can help you? Drop us a line at [email protected]. We’re here to help!