Many of us have come across situations when we suddenly needed money – to have emergency treatment, repair a broken car or pay damages to our neighbours after we had flooded them. There can be plenty of reasons, but there are not as many options to get the money urgently.
One of them is to take out a loan from a microfinance institution.
The goal of an MFI is to meet the customer’s need as quickly as possible – with minimum documents, rapid verification and cash instantly available on the card. The simpler and faster the customer communications an MFI has in place, the more borrowers it can attract.
On the other hand, the more loans it gives, the more funds in arrears it has. It’s easy to give out money. It’s not so easy to get them back.
How can a payment system be instrumental in handling these issues? What are the criteria to choose a reliable company? You need to pay attention to the following capabilities:
- Security PCI DSS certification
- Fault tolerance. The share of successful transactions – at least 95 percent
- Integration. An open API
- Technical support, preferably 24/7
- System functionality
We would like to draw your attention to the VEPAY processing company. In addition to all the capabilities mentioned above, our company offers to MFIs the following products:
Verification of the borrower’s card to which a particular loan is transferred
- Funds transfer to the borrower’s bank card, current account or e-wallet
- Auto payments which allow automatic withdrawal of the debtors’ funds in favour of microfinance institutions, thus reducing overdue loans and improving collection rates
- Support for the AFT technology, which allows for reducing commission fees
- A simplified identification procedure
Today these technologies are most in demand by microfinance institutions. Naturally, every MFI has its own preferences.
The VEPAY company means high quality of service.
Fill out an application for integration on our website at vepay.online or call +7 499 954 8495.
