Running a lending business can incur significant expenses, and as a lender, you may seek to allocate some of these costs to your customers. Luckily, you have the option to set up various fees for your customers.

The following are the fees you can define for your customers:

  1. Card Payments: This will be applied to a card-related transaction such as wallet funding for loan repayments.
  2. Interbank Transfer: This will be applied when a customer transfers money from their wallet to their bank account or from their bank account to their wallet.
  3. Card Tokenization: This will be applied when a customer connects their card to their account. For example, during loan application.

In addition to the fees, you can also determine the fee type. The available fee types include:

  1. Flat: This is a fixed charge that will be applied irrespective of the transaction amount.
  2. Percentage: This is a percentage of the transaction amount. For instance, if the fee is 3% and your customer borrows N2,000, they'd pay N60. However, you’ll need to specify a minimum and maximum limit on the fee, let's say N50 and N200 respectively. So, even if your customer borrows a higher amount, like N10,000, they would pay N200 instead of N300.
  3. Hybrid: This is a combination of fixed and percentage. To explain, there is a fixed base amount that's always charged, let's say N100. Then, there's a percentage fee, for example, 5%. On top of that, there's a minimum fee, say N50, and a maximum cap, like N500.

Setting up fees for your customers

To set up fees for your customers, please do the following:

  1. Click the settings icon at the top right hand corner of the top menu on the Lendsqr admin console.
  2. Under System Settings, select Customer Fees and click on Define new fees

    3. Enter the fee details such as the fee name, fee description, the fee to be charged, and the fee type.

    4. Finally, you can include a comment on the fee, however, this is optional.

Alternatively, you can watch the video below for a step-by-step illustration of how you can set up fees for your customers.

How to configure fees for your customers on Lendsqr