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If you own or operate a money lending or funding business, you know it can be challenging to find lender payment processing solutions that work for you. Because lending is considered a high-risk industry, many banks flag lending companies or put stifling restrictions on the payment accounts they do offer.
Fortunately, we do things a bit differently. Here at SeamlessChex, we specialize in providing solutions for hard-to-place industries like financial services and lenders. We know that you need robust funding functionality, - including ACH credit and debit transfers with verification and recurring billing options.
If you’re tired of looking for a payment processing solution that meets your needs, you can stop searching. SeamlessChex is here to provide industry-leading payment solutions that work for your company, your customers, and your team.
You deserve payment processing solutions that support your company. We’re here to deliver.
Our proprietary ACH and eCheck platforms offer instant onboarding without credit checks or a lengthy underwriting process. Instead, we leverage our technology, expertise, and relationships with over 25 banks to get your account approved as quickly as possible, so you can get to work.
We also remove the complexity and barriers from our sign-up process, so you can get started saving money on bank fees as soon as possible.
No matter what payment solution you need, we have a tool for you. Our lender payment processing solutions are intuitive and affordable for businesses of all sizes.
Yes, lenders can collect overpayment from borrowers via recurring payments. Recurring payment solutions are a great way to streamline and automate the debt collection process and limit the administrative overhead and manual work required.
Here are some common recurring payment solutions that lenders may use:
Yes. Customers can pay lenders with eChecks (electronic check). As digital versions of traditional paper checks, eChecks are convenient, secure, and ideal for use in a variety of financial transactions, including loan repayments.
For the eCheck payment process to work, the customer needs to authorize the lender to initiate an electronic funds transfer from their bank account, and both parties need to agree upon a payment amount and date.
To start accepting payments for your lending business, you need to take steps to efficiently collect loan repayments from borrowers while also maintaining security and complying with necessary regulations.
Here's a simple guide to prepare your lending business to accept payments:
First, choose the payment methods you’ll offer to borrowers. Options commonly include ACH, eCheck, credit/debit card payments, direct debit, and wire transfers, to name a few.
Next, make sure that your lending business complies with all relevant financial regulations and licensing requirements in your area. To protect yourself, consult with an attorney or regulatory authorities to make sure you fully understand the specific requirements for your area.
To accept payments, you’ll need to open a business bank account. This is the account into which you will receive loan payments. Look for an account that offers business-specific functionalities.
Once you have a business bank account, you’ll need to choose a payment processing partner or payment gateway to facilitate your electronic payments. To do this, research and choose a provider that meets the needs of your business. To stay competitive, look for a payment processor, like Seamless Chex, that offers competitive fees and robust features to grow your business.
Next, you’ll need to integrate the payment gateway you’ve chosen with your lending management software or website. This integration will allow your borrowers to make payments quickly, easily, and securely online.
By following these steps, you can set your lending business up to accept payments and manage your financial operations as efficiently as possible.
Are you ready to learn how SeamlessChex can help you scale your business and streamline your payment options?
Contact us today to speak with one of our representatives, find out which payment solution is right for you, and see why our customer service beats what you’d get from a big bank.
Start accepting and sending customer payments today.
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