Automatic Charging

Owned by TurnKey Lender
Last updated: Sept 26, 2022
2 min read

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. To enable the functionality, the admin shall:

  • Enable automatic charging and define additional automatic charge settings for the whole account. This is done at the configuration level.

  • Set up integration with a payment processing services provider in the system.

For each specific loan, automatic charging will work only if there is at least one payment processing method defined for the customer. This can be a bank account or a bank card. Subject to the system settings bank account may require verification.

As soon as this has been done, the payments will be automatically charged from the client’s bank account or card. If there are not enough funds on the bank account or 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: