Lendsqr's virtual account system is a smart and user-friendly way to handle payments. It provides a dedicated and secure avenue for transactions, making it an ideal choice for lenders and users alike.
How this works:
When lenders and users register on Lendsqr, the platform generates unique virtual account details for them. These details typically include an account number and the name of the associated bank.
For lenders, making payments to these virtual accounts is a breeze. The lender initiates a transfer from an external bank account to the provided virtual account and the transferred amount instantly appears in the lender's dedicated disbursement account within Lendsqr.
For users who have signed up with a lender, the process is equally smooth. When these users transfer funds to their own virtual accounts, the amount reflects instantly in their Lendsqr wallet.
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.