On the Lendsqr platform, lenders have the convenience of utilizing alternate payment methods through the integration of Remita Direct Debit and Paystack Partial Debits. This feature allows for greater flexibility in loan repayments. Here's how it works:
When a borrower has an overdue loan, the system initiates the repayment process by first attempting to collect the outstanding amount using the attached debit card. This initial step ensures a seamless and quick repayment experience. However, if the debit card payment fails or is unable to cover the full amount due, the system automatically activates Remita DD to collect the remaining balance. This would only occur if the lender has selected both Card and Direct Debit as the repayment option.
Lenders using Lendsqr have the ability to specify the preferred duration for which the charges on the attached debit card should run. This duration determines the number of days an attempt would be made to collect payment from the card before switching to Remita Direct Debit. By selecting the appropriate duration, lenders can tailor the repayment process to suit their specific requirements and preferences.
Note: It is advisable for lenders to regularly review and adjust the payment configurations to ensure optimal loan collection outcomes.