Lendsqr offers lenders the ease of receiving payments through debit cards. This method streamlines transactions, ensuring a secure and user-friendly experience.
How it works:
When opting for the debit card payment option, users are guided to input their card details. This typically includes information such as the card number, expiration date, and CVV.
Upon submission of these card details, Lendsqr takes charge of the security aspect. The platform securely transmits the information to its trusted payment processor, Paystack. Paystack handles the transaction on behalf of Lendsqr, creating a secure link to the user's bank and facilitating the process of payment authorization.
Once Paystack successfully processes and confirms the payment, Lendsqr completes the transaction. For various transactions, including wallet fundings and loan repayments, the user's account is promptly updated to reflect the payment. Additionally, if applicable, the card is added to the user's accounts for card activations, enhancing the user experience further.
Settlements to Lender
Users’ wallet funding does not reflect instantly in the disbursement account of the lender but will be settled to the lender on a T+1 basis into their disbursement account.
By default, the settlement amount is deposited into the disbursement account of the Lender. However, Lendsqr recognizes that preferences may change, and lenders have the flexibility to modify their settlement accounts if desired. Should you wish to update or change your settlement account, kindly send an email to email@example.com.