As a lender, your customers automatically have wallets on your Lendsqr powered web or mobile apps. Customers can transfer money to their accounts from these wallets or even do airtime top ups or bill payments.
Sometimes, some customers might not be able to withdraw from their wallets. This could be due to various reasons:
When your disbursement account is low
The summation of customer wallet balances must be in your disbursement account. If your disbursement account has a lower amount than the summation of customer wallet balances, then a time would come when you do not have enough balance and some customers is not able to withdraw.
If this happens, kindly fund your disbursement account immediately and the issues will resolve themselves.
Downtime on our payment processors
Lendsqr is not a payment processor, so we rely on some of the best licensed payment processors as our transfer providers. However, there are times when these providers have technical issues. When this happens, all transfer transactions will be failing. Nevertheless, you will always be informed when such issues occur and we will automatically route to other providers.
Blocked by security settings
To protect you from fraudsters, we have robust settings that prevents certain customers from being able to do transactions. For example, the following are possible blockers to transactions:
- Customer selfie does not match their BVN image
- Customer ID is not validate or their image does not match with their selfie
- Customer is owing you money on an outstanding loan
To configure security for transactions, log into Pecunia and go to Preferences, System Settings and Transactional Settings.