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Read moreLoan management software FAQs
What is the difference between direct debit and recurring payments?
Direct debit and recurring payments are both automated payment methods, but they differ in structure and control. Direct debit allows businesses to withdraw money directly from your bank account, often varying in amount based on the bill and can take a few business days to process. Whereas, recurring payments involve a set amount that you authorize to be charged at regular intervals, like a monthly subscription. These payments are usually easier to set up and process more quickly, as they’re often linked to credit or debit cards. Essentially, direct debit is a broader category, while recurring payments are a specific use case within that framework.
What kind of software do NBFCs use to manage lending processes?
What kind of software do NBFCs use to manage lending processes?
Non-bank financial companies (NBFCs) need a software solution that will assist them with every stage of the lending process. The right loan management software will assist with:
Loan origination
Loan servicing
Loan repayments
Customer management, including collateral management
And it should also offer:
A user-friendly CRM system
Seamless integration
Comprehensive reporting and analytic capabilities
Technical support
An intuitive system with an easy onboarding process
Secure cloud storage
Why use a loan servicing platform as a private lender?
Loan servicing software is about empowering private lenders to:
Save your business time, money, and effort all while providing a better lending experience for your customers.
Streamline the loan process by identifying and removing bottlenecks leading to faster loan turnaround times.
Manage your entire portfolio on a simple digital platform. You can access the system and data from anywhere and updates occur in real-time.
Eliminate slow and messy paper applications in favour of fast, accurate, and secure digital applications.
By choosing the right loan servicing platform, your business can be adaptive, successful, and long-lasting. Contact us today to find out how Biz Core can help your business excel.
Are recurring payments automatic payments?
Automatic payments can encompass various types of transactions, including recurring payments, one-time payments, and instalment payments. However, recurring payments specifically refer to transactions that occur on a recurring basis, typically with a fixed amount charged at regular intervals until the customer cancels or modifies the arrangement.
Why do recurring payments fail?
Recurring payments can fail for various reasons, including:
Insufficient funds
Expired or invalid payment information
Payment gateway issues
Bank or card issuer restrictions
Account holds or restrictions
Billing address mismatch
Payment authorisation issues
Subscription cancellations or changes
System or software errors
Communication failures
To mitigate recurring payment failures, businesses should ensure that they have a comprehensive payment processing system in place, like Biz Core.
Contact us today for a free live demo and for more information on how we can help your business streamline your payment processes.