Amplify’s Frequently Asked Questions by Consumer Loan Companies

Whenever I write about Amplify, I try to keep it simple but more importantly, it has to be specifically useful and to someone or a group of people.

In line with that, even though we have our standard FAQ page here, this write-up is answering some of the common questions we get when speaking with prospective clients that give consumer loans.

Q1: Collections is key to our business. What are you offering, how can you help with our collections?

See us as your remote collection department. Once you are done with your assessments, credit scoring and all the necessary processes and have decided to give a loan to the customer, we take up the task of helping you collect the funds from your customers’ accounts at the time they are expected to pay back.

Beyond collections, our platform makes it easy for you to manage the payments. You can see your expected collections, customers who have paid and how much they have paid so far, the repayment period for different customers and many more relevant information and reports that you will find useful.

Q2: How do you guys do collections?

We have two payment methods for collection. You use either your customer’s debit cards or their bank account number. The bank account option is a work in progress and currently being optimized to include all banks.

Using debit cards, once a loan is approved, the customer sets up his/her card on our gateway and a tokenization debit is initiated against the customer’s account to confirm the validity of the account and ensure the account can be billed.

The customer goes through the necessary authentication process and once that initial transaction is approved, the repayment process has been automated and the customer’s account can be charged (subject to customer’s agreement to your terms and conditions).

Q3: How about my customers who don’t have any cards?

Very soon, we will be launching a payment method that allow your customers setup their bank account number from any bank on our gateway and this gives direct access to such accounts subject to their approval.

Q4: What happens if on the date that a repayment is supposed to happen, my customer doesn’t have funds in his/her account?

We have a buffering system that caters specifically for this scenario. When this happens, our system will keep retrying this transaction twice daily for up to 3 days.

If you have integrated using our API, you can control this process and keep hitting the customer’s account on a scheduled interval until you are able to take your funds.

Q5: Now that you have mentioned APIs, how do we get started with this if we don’t have in house developers?

Honestly, having in-house developers will give your more flexibility and control on getting your money back from your customers.

However, to get started immediately without disrupting your current process, we have payment forms which is basically a collection form. You can set this up in minutes on Amplify without the help of a programmer or “IT” person. It allows you generate a collection link that your customers can use to set-up their repayments before you disburse funds to them. You can use this option even if you don’t have your own website.

Q6: So what is the difference between using the payment forms and integrating with your developers API?

The payment form is meant to help you get started fast and ideal for your offline customers that come in to fill paper forms.

The APIs allow you integrate directly into your own web and mobile loan platform (if you have one), which allows for automation of the entire process and help you run your company and system more efficiently

The APIs also give you more power and flexibility. An example, is the situation whereby your customer doesn’t have enough funds in his/her account. While we help you automatically retry the transactions for three days, using the APIs, you can control this experience by retrying the transaction for as many times as it takes to get the funds.

Q7: How secure is your system?

Our system has been built with bank grade level security. All transactions are processed via 3rd party PCI DSS compliant and 3D Secure payment gateway via an SSL encrypted channel. We do not store card details.

Q8: What are your charges, what you have on your website is too high for us?

Let us know your numbers and we will work with you to agree on a fee that works for you.

Q9: Do you have a feature or solution that we can use to disburse funds to our customers?

Yes! We have a feature integrated into Amplify called PASS (Payouts and Automated Settlement System), this feature allows you instantly disburse funds to your customers at a significantly lower rate.

Q10: How do we get started?

Visit www.amplifypay.com and click get started, fill in the form and you are in. If you are using the payment forms, you can set it up and request to go live in minutes.

Using the API integration, get the API key and Merchant Id on your dashboard and visit www.amplifypay.com/developers, our restful APIs are super easy for developers to understand and integrate with.

If you need any further assistance getting started or you have a question I haven’t covered, feel free to call us on 07084163061 or send an email to info@amplifypay.com