The Service Account acts as the central billing hub where the system automatically charges and processes all paid services that lenders use. Additionally, this dedicated account streamlines financial operations by consolidating all service-related fees into a single, manageable system.
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Types of charges in a service account
Moreover, this billing system handles various fees including:
- Onboarding fees – Initial setup and integration costs
- Loan processing fees – Charges that the system applies for loan application processing
- Transaction fees – Costs that result from financial transactions
- Platform usage fees – Ongoing charges for service utilization
How these billing systems work
When lending institutions join the Lendsqr Admin Console, the system automatically creates a dedicated billing account. Subsequently, this account operates on an automated billing model where the system consolidates and processes all charges from user activities in real-time.
Virtual account integration with service billing
Additionally, every billing system connects to a Virtual Account with a unique account number. As a result, this virtual account enables seamless funding through bank transfers, while the system automatically credits funds to the billing account for immediate service access.
Funding process for service billing
Therefore, the funding process works as follows:
- First, you receive a unique virtual account number during onboarding
- Next, you transfer funds to the virtual account via bank transfer
- Then, the system automatically credits funds to your billing account
- Finally, paid services become available based on your account balance
Key benefits
Consequently, the system offers several advantages:
- Automated Billing: The system eliminates manual fee processing
- Financial Transparency: Users gain clear visibility into all service charges
- Centralized Management: You manage all fees through a single account
- Real-time Processing: The system applies charges and updates balances instantly
- Scalable Pricing: You pay based on actual usage as your business grows
In conclusion, this billing system provides lending institutions with comprehensive, automated billing management while maintaining complete financial transparency and operational efficiency.
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