What payment gateways are available to Lendsqr lenders?

At the core of any decent loan management software, you must have payment gateways or providers that help you manage your loan disbursement and collection process. Proper payment integrations are like the heart of the entire operation. They ensure smooth blood flow (read: money movement) throughout the loan lifecycle. 

Lendsqr has extensive payment integration with some of the best providers. Let’s look at some payment gateways and providers to which lenders powered by Lendsqr have access to.

Virtual accounts

Virtual accounts are standard NUBAN bank accounts but they are virtual in the sense that they are not tied to actual customers in the bank that issue them. However, when they transfer money to these accounts, the payment providers that issued the accounts are notified of these payments.

Payers usually use these accounts for various purposes, such as payments for goods and services, bills payment, and loan repayments. In Nigeria today, Paystack and Monnify are one of the best virtual account providers.

Here’s the cool part: Lendsqr is integrated into Paystack and Monnify to provide Paystack-Titan, Wema and Sterling Bank virtual accounts. This means that your borrowers can repay their loans through any of those platforms.

Cards

Lendsqr offers lenders the ease of receiving payments through debit cards. When opting for the debit card payment option, follow the guide to input your card details, which typically include information such as the card number, expiration date, and CVV.

Upon submission of these card details, Lendsqr takes charge of the security aspect and securely transmits the information to any of its trusted payment processors. In terms of card payment, Lendsqr is integrated into Paystack, which is arguably the best card payment platform in Africa (find out more about card payment providers).

Lendsqr is also integrated with Seerbit, Monnify and Fincra. Paystack also handles payments for our Rwanda, Ghana, and South African markets. While Stripe processes cards outside of Africa.

Read more: How to design loan requirements that improve repayment outcomes

Direct debit

Direct debit facilitates the loan collection process by allowing lenders to effortlessly and ethically collect funds directly from a borrower’s account at the designated time. A borrower’s active role begins during the loan application, where they grant authorization through a mandate.

Their bank needs to approve this mandate. This guarantees a smooth and secure transfer of funds, ultimately serving the best interests of both lenders and borrowers. Lendsqr is integrated with Nigeria Inter-Bank Settlement System (NIBSS), which is reliable for loan repayments of all kinds. 

Lendsqr is also integrated with Remita, which is best for federal government loan repayments. So, if you’re a lender that lends to the federal government through the Integrated Payroll and Personnel Information System (IPPIS), come to Lendsqr. We can set it up for you in no time. 

Learn more about how our direct debit works and sign up to start now.

USSDs

We used to have a USSD payment option before, but we temporarily shut it down for several reasons. However, if you have an urgent need for USSD repayment, we have an integration with CoralPay. It can be personally activated for you.

Payment links

In cases where your customers need someone else to pay up their loan or no longer have access to your loan app, a payment link comes in handy. Either the customer or a third person can use the link to make all the loan payments. Lendsqr allows you to generate a secure, unique payment link.

You can share this link easily via multiple channels with anyone who needs to make a loan payment directly or on behalf of a borrower. This could be a family member, employer, or any third party.

The beauty of payment links is how they eliminate the need for the payer to download or register with your loan app.

For example if a borrower loses their phone where they installed the app or has limited access to technology, a payment link ensures uninterrupted loan repayment.

Read more: Frequently asked questions on direct debit mandates for loan repayment

Payment beyond borders

Borders don’t confine Lendsqr payment gateways and services. In Rwanda, we operate smoothly with Paystack. At the same time, in the USA, UK, and Canada, Lendsqr relies on Stripe, the powerhouse that is. 

Soon, you will be able to receive payments with GoCardless, the global leader in direct debit payments with superior customer experience, promising even more for our Lenders worldwide.

Wondering how to integrate with any of our payment gateways? Send us a message now at growth@lendsqr.com. Let’s get you disbursing and collecting ASAP!