Payout Method Setup
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The Payout Methods Setup module allows you to define and configure the payout options available during the loan payout process. Key settings include:
Authorized limits: Determines which branches and categories qualify for the loan purpose.
Payout Type: Select a payout type; Cash, Allps EFT, Allps Wallet or Other.
To begin, either select an existing purpose from the table or click the "+" icon to create a new payout method:
Next, select a payout type from the dropdown below and assign the authorized categories and applicable branches.
Each payout method serves a specific purpose and has its own advantages and limitations. Below is a breakdown of the available payout types.
Cash payouts should only be used as a last resort in emergency situations. Handling cash carries security risks, and it is advisable to minimize its use wherever possible.
The Allps EFT functions similarly to a standard EFT, where funds typically take around two days to reflect in the client's bank account.
While EFT is a reliable and widely accepted payment method, processing can take up to 48 hours. During this period, the loan remains in the payout queue within Mobiloan until the funds are successfully received.
This option acts as a book journal entry, allowing you to record and track payout transactions without the actual movement of funds. When configuring Other payout types, you will need to specify a custom name for the payout method.
The Wallet option allows payouts to be made directly to the client's mobile-linked electronic wallet, commonly known as FNB eWallet.
The client receives an SMS containing a secure PIN and can withdraw their funds from any FNB ATM using their cell phone number and the provided wallet PIN.
When selecting "Allps Wallet," users must specify who will cover the fee for issuing Feza Cards to clients. The cost can either be fully covered by the company or charged to the client as a withdrawal fee.
Clients also have the option to link a Feza Card to their Wallet. This card works like a traditional bank card, allowing withdrawals from any ATM, not just FNB ATMs, providing greater accessibility and convenience.
The Payout Method setup is now complete You can now verify that the new Payout Method object has been successfully created.
