Once the loan has been approved, the agreement has been signed (if required) and the lender has disbursed funds to the customer, the customer can start making payments to cover the loan and related charges. All such payments will be distributed in compliance with the chosen repayment mode.
Very often, it is convenient for the customer to connect the bank account or card and have the system automatically charge those payments.
TurnKey Lender allows for initiation, monitoring, consideration, and management of such charges. It is possible to:
Enable automatic charging for the system and define additional automatic charge setting for the whole account. This is done at the configuration level.
Set up integration with a payment processing services provider in the system.
Decide if the bank account shall be verified.
Add the default payment processing method(s), i.e. a bank account or a bank card to the loan details
As soon as this has been done, the payments will be automatically charged from the client's card. If there are not enough funds on the card, the system will behave in compliance with the configuration settings (continue attempts or turn off automatic charging for this client after several failures).
It is also possible to:
Add a custom transaction to be charged from the customer’s bank card or account (see Custom Transactions )
Suspend charging from the customer’s bank card or account for a specific period of time for all transactions except the custom transactions.