FAQs

Loan book management software can improve your business in so many ways. The best ones out there include the following features and benefits:

A LMS can improve your business in so many ways, here are just a few of the features you can look forward to:

Loan book software automates your loan book management process. Instead of having the various aspects of your lending business spread over different locations, everything occurs in one central system. From loan origination to loan completion, you can manage every step from one place.

As a cloud-based platform, you have instant access to your records from anywhere and can search, upload, store, and download information when needed. Records, ledgers, and personal information management is made clean and simple.

There are a number of loan book management systems available in Australia. Finding the right fit for you will depend on what industry you work in and the specific features and capabilities needed.

Here are some key features to look for in the best loan book software:

Loan origination software (LOS) allows you to manage and automate your loan life cycle from end to end – from onboarding customers, collecting documents, and credit checking, to underwriting, and funding. A loan origination system makes it easy to meet your regulatory lending requirements and provide your customers with the best application experience.

Loan origination software can revitalise the way you do business. Not only are you cutting down on repetitive and unnecessary paperwork, but you’re introducing a suite of features that are going to make your workflow smoother and your customers happier.

Some of the key benefits of loan origination software include:

The purpose of loan servicing software is to enhance customer and loan management through automation. All aspects of loan servicing are laid out in one easy to use system. You can save time, effort, and money by automating your loan service processes.

When you’re looking for the best loan servicing software you should consider the following:

A complete loan management software is the perfect solution for lenders looking to upscale their business, enhance customer satisfaction, and save on loan servicing costs. The full suite of features included in Biz Core’s loan management software provides you with everything you need to service loans from start to finish.

Get in touch with our friendly developers today for a live demo and see how Biz Core can change your business.

An LMS is a digital solution for lenders that moves every phase of the loan lifecycle onto a simple online platform. A LMS helps to automate your business processes from loan origination to loan servicing to reporting. It’s particularly useful for small businesses looking to move from a paper-based or excel-based loan book into an integrated online environment.

There are many benefits to transitioning into an online LMS. It makes growing your business that much easier by starting you off on the right foot. And you will have the most secure, up-to-date software at your fingertips.

Your business will no longer be held back by the limitations of outdated software or time-consuming administrative work. Instead, you can streamline your lending service through automation and integration with third-party software. And your employees will be able to complete every phase of the loan life cycle from one system.

The term “loan life cycle” refers to the journey of a loan. This begins from when a borrower submits their application to when the loan is repaid in full with interest. There are varying stages that make up the loan life cycle and it can differ between lenders. However, generally, the stages of a loan life cycle include:

An LMS is a digital solution for lenders that moves every phase of the loan lifecycle onto a simple online platform. A LMS helps to automate your business processes from loan origination to loan servicing and reporting. It’s particularly useful for small businesses looking to move from a paper-based or Excel-based loan book into an integrated online environment.

Yes, debit cards can be used for recurring payments. When you provide your debit card information for a recurring payment, the merchant or service provider will typically request authorisation from your bank to charge your card at regular intervals (e.g., monthly, quarterly, annually) for the specified amount.

Read more: Setting up direct debit for small business

Recurring payments can fail for various reasons, including:

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.

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.

Loan servicing software is about empowering private lenders to:

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.

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:

And it should also offer:

A LMS can improve your business in so many ways, here are just a few of the features you can look forward to:

There are so many benefits to migrating over to online loan book software. But the biggest motivation for lenders is to leave behind complicated loan book management processes.

By streamlining your lending process you can get people onboarded faster with less hassle to you and the client. You'll find that you have a higher retention rate, better customer satisfaction, and more time to drive business growth.

Say goodbye to manually tracking and updating your client information and payment records. Say hello to automated payments transferred into your bank account on time, every time.

Get in touch with our friendly developers today for a live demo and see how Biz Core can change your business.

Automated payment systems allow customers to make scheduled electronic payments directly to you. They reduce the risk of fraud and make it easier to make correct payments on time.

Instead of manually tracking when payments are due, the payment amount will be automatically transmitted to your account on the scheduled date. It’s easier to alter payments and schedules, keep track of past payments, and track your expected cash flow.

You can integrate with your existing systems or make use of the full Biz Core payment solution

Payment automation provides a lot of benefits to your business. Some of the key pros of a direct debit automated payment system include:

There are a wide range of recurring payments that businesses use, common examples include:

Recurring payment software, such as Biz Core, can help you take recurring payments online. The process usually includes:

1. 1. The customer elects to pay via recurring payments.
   2. They will then agree to the terms and conditions, the payment amount, the payment schedule and the end date.
   3. The customer will provide their payment information and consent for the business to securely store this information.
   4. Recurring payments will take place with the recurring payment software managing the transaction.
   5. Lastly, your customer will receive an invoice listing the payment details. You may also choose to send them a notification or reminder alerting them to the next date of payment.

Request a demo with our Biz Core experts today to see how we can save you time and help you forecast income.

Once the repayment amount and the repayment schedule is agreed upon by you and your customer, the customer will be charged automatically via direct debit or their payment card.

If you want to cut down on data entry, process loans faster, and meet your regulatory requirements every time, our loan origination software is for you. With Biz Core end-to-end lending software you’ll be able to:

Credit card processing refers to the multi-step process needed to finalise payments made with a credit card. This includes credit card payments made in person, online, by phone, or by mail.

With Biz Core’s efficient and reliable system, we look after the credit card processing for you and make it easy for your customers to make online payments, set up recurring payments, and manage their direct debits.

Contact us today to find out how we can help.

Though this process only takes a matter of seconds to complete, credit card processing actually consists of multiple factors.

Credit card processing follows the following process:

1. Customer pays for their goods or services by credit or debit card.
2. Payment information is sent to the credit card processor who communicates with the issuing bank via their card networks (such as Visa, Mastercard, American Express etc.)
3. The bank will assess whether the cardholder has sufficient funds or credit to complete the transaction, and may also check for any fraudulent activity. The bank will then respond with whether the credit or debit card has been approved or denied.
4. Approval or denial is sent to the payment processor who will communicate this information back to the merchant.
5. The payment is then settled. This occurs when a batch of approved transactions for that day is processed (usually at the close of business) and a customer’s account is charged. The money is then deposited into the merchant's account.

The time a credit card payment takes to process will depend on the issuing bank. Generally, the processing time is within 1-2 business days. However, it is important to consult with your bank to determine your credit card payment processing time.

Typically, funds are usually available within 1-2 business days of the payment being made. The processing time will depend on the issuing bank.

A direct payment system allows customers to transfer money from their bank account to yours. Using a cloud-based direct payment system, you will have the ability to manage all of your payment scheduling, collections, and processing online. And the ability to manage customer details.

Contact us today to find out how Biz Core’s direct debit system can simplify your payment and customer management.

A direct debit is an authorised automatic transaction that transfers funds from a customer's bank account, rather than their debit or credit card, to a merchant's account. Direct debits are often used for recurring scheduled payments, though they can also be used for one-off payments.

Once you and the customer have agreed on the amount to be debited and the payment schedule, your customer will need to provide you with their BSB and account number. The customer will also need to complete a direct debit authority form. Then, once the form is signed, the customer’s account will be debited according to the amount and schedule agreed upon.

Offering incentives is a great way to encourage customers to pay via direct debit. Popular incentives include:

Payment gateways and processors allow you to offer a secure online payment environment for your customers. They act as the middleman between you, the customer, and the participating banks in order to process payments. Using a payment gateway helps protect you from data breaches, fraudulent activity, and chargebacks. And it allows you to offer an easy payment solution to your customers.

You need a payment gateway and processor to securely verify, authorise, and transfer funds from a customer’s bank account to your merchant bank account.

An online payment gateway works like an in-person POS system but it uses cloud-based software to process digital payments. The sensitive card information travels along an encrypted payment processor between the merchant bank account and the customer bank account in order to:

When you are choosing a payment gateway for your business look for the following features:

Deciding on the best credit card processor for your subscription based business will depend on your individual circumstances. But here are some questions to consider:

Contact Biz Core today to find out how we can help manage payment options for all your subscriptions.

How do you handle subscription payments?

Having an all-in-one payment processor and member management system is the best way to handle subscription payments. With the right system, like Biz Core, you’ll be able to:

Contact us today to find out how Biz Core can help you handle subscriptions payments and keep your business running smoothly.

A membership payment system combines the ability to process payments and manage customer information simultaneously. Payments are often made by credit card, debit card or direct debit, and are often recurring at scheduled intervals. A membership payment system can also accommodate once-off payments.

Biz Core is a payment facilitator for a wide range of businesses, including lenders, rental agencies, telcos, personal trainers & gyms, sporting clubs, accountants & bookkeepers, rideshare providers, and others.

If you are seeing a debit on your bank statement, it is likely that one of your recent payments has been dishonoured. When this happens a dishonour fee is charged.

If you want to know more please email info@bizcore.com.au

Direct debit helps keep things simple for you and your customers. Using an online payment processing platform like Biz Core will make it easy to convince your customers to make the switch.

Once you have your user-friendly payment system ready to go, incentives are also a great way to encourage your members to pay via direct debit. Popular incentives include:

Payment plans allow you to pay off a lump sum of money in instalments over time, rather than all at once. Payment plans can also be used for recurring payments like subscriptions or memberships.

When you set up a payment plan you agree to make periodic repayments on set dates until you have paid off the amount owed. You could also set a payment plan up to continue taking payments indefinitely, which is useful for recurring payments like gym memberships, childcare, and rent.

Instalment payments make it easier to manage your finances without sacrificing a large sum of money all at once. They can help you maintain a budget, keep monthly expenses low, and make products and services more affordable.

Sports clubs have a range of fees and costs that need effective management. From day-to-day payments to competitions to club fees and membership, there are a lot of payment structures that need to be accounted for. A sports club payment system is built to meet these unique needs and make payment processing and collection simple.

Read more: Why is a Sports Payments System Important?

Yes, debit cards can be used for recurring payments. When you provide your debit card information for a recurring payment, the merchant or service provider will typically request authorisation from your bank to charge your card at regular intervals (e.g., monthly, quarterly, annually) for the specified amount.

Read more: Setting up direct debit for small business

Recurring payments can fail for various reasons, including:

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.

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.