Direct debit (DD) is a means of payments that allows an account holder to give permission to another entity (company, lender, etc.) to take money from their account according to a specified rule. Remita is a direct debit service from SystemSpecs Limited, a CBN licensed payments services provider. Remita direct debit service is supported on Lendsqr. Learn more here.
A direct debit is similar to a debit card as both can be used to repay loans. Lendsqr allows lenders to get direct debit from their borrowers to be used for loan repayments. This streamlines collections, improves cash flow predictability, and enhances borrower accountability.
Follow the steps below to configure direct debit.
- Login to the Lendsqr Admin Console with your admin credentials.
- Click on the “Loan Products” sub-tab under the “Product Management” tab
- Select the loan product you want to add direct debit to then click on edit.
- Scroll down to the “collection method” section and click select direct debit.
- Scroll down and click on save.
Also read: How to use Remita for your loan repayments on Lendsqr