Repayment Method Setup
Setting up Repayment methods
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Setting up Repayment methods
Last updated
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The Repayment Method Setup module enables you to define and configure the repayment options available for selection during the loan payout process. Key configurations include:
Details : Configure and complete the required fields for the selected repayment method type, such as Cash, Debit Order, External POS, Private EFT, or Payroll Module.
Permissions: Specifies the eligible roles, branches, and client categories that qualify for the selected repayment method
To begin, either select an existing repayment method from the table or click the "+" icon to create a new repayment method.
The first step in the configuration process is to define the display name and select the repayment method type.
Display Name: Choose a clear and concise name that will be visible to users during the loan repayment process.
Repayment Method Type: Select the repayment type that will be available for clients. If you are not configuring a debit order, i.e., you don't select "Debit Order" as the repayment type, then this step is complete, and you can move forward without further configuration on this screen.
Before proceeding, please review the various repayment streams and debit order parameters outlined below to understand all available options and their configurations.
Mobiloan provides the following predefined repayment types that can be used to track loan repayments:
External POS
This option refers to a point-of-sale (POS) transaction, where the client makes a payment using a POS terminal. The client must either tap, swipe, or insert their card to complete the transaction.
Private EFT
A placeholder transaction that holds book value, representing that a private Electronic Funds Transfer (EFT) has been arranged for repayment and has been successfully received. This ensures proper tracking without initiating a direct transfer.
Payroll Module
Another placeholder transaction used to indicate that the loan is being repaid via payroll deductions. This is also used for generating remittance files that companies can process via bulk EFT payments.
If a debit order is selected as the repayment method, a corresponding payment stream must be specified. The available payment streams include:
ALLPS SEFT
A specialized debit order stream designed for SASSA grant recipients and bank accounts such as Grindrod Bank. These debit orders are aligned with SASSA payout dates, ensuring collections occur at optimal times to minimize failed transactions due to insufficient funds.
ALLPS EFT
This is a standard EFT debit order collection, functioning similarly to regular EFT payments. The transaction is processed according to the agreed-upon debit order schedule.
ALLPS DEBICHECK
A modern debit order system with enhanced tracking and early debit features. It provides:
Early Debit Order (EDO): Initiates collection immediately after the bank's salary credit run, increasing the chances of successful deductions before other transactions occur.
Tracking Option: Monitors the debtor’s bank account for incoming credits and automatically reserves funds for the debit order once the balance is sufficient.
SURE TMCT Debit Order
A dedicated debit order stream designed for SureCard bank account holders, ensuring seamless repayment processing for this specific banking product.
If SURE TMCT / DEBIT is selected, an ALLPS CLIENT FEE PERCENTAGE (0, 25, 50, or 100) % must be specified, which determines the total percentage of the ALLPS fee that the client will be responsible for.
1. Default Date Adjustment
This automation rule determines how the collection date is adjusted based on specific conditions:
"After / Before Sunday or Public Holiday" – Ensures collections do not fall on a non-banking day.
"After / Before Saturday, Sunday, or Public Holiday" – Adjusts collection dates accordingly.
"On the Selected Day" – The collection will always occur on the specified date.
2. Default Tracking
Defines the number of days the system will continue attempting a debit order deduction if the initial attempt returns insufficient funds.
For repayment streams that use DebiCheck, the authentication method can be configured based on the following options:
TT1 - Real-Time Authentication
A 120-second response window is provided.
The client receives a mobile banking app prompt to authorize the debit order.
TT1 - Delayed Authentication
If real-time authentication is not completed, the system waits until 10 PM on the same day before automatically converting the response to an authenticated debit order.
TT2 - Offline Batch Authentication
The authentication request is batch-processed, giving the debtor a set timeframe (usually 48 hours) to approve the mandate via their bank.
If the debtor fails to respond, the mandate expires or is marked as "No Response."
TT3 - USB Terminal Authentication
Authentication is performed via a bank card swipe on an Amplifin USB Terminal, ensuring a secure in-person transaction.
TT3 - Mobile Terminal Authentication
Authentication is conducted via a mobile card terminal swipe using an Amplifin Mobile Terminal for added convenience.
In this step, you will define the repayment method limits by specifying which roles, branches, banks and client categories are eligible for the selected repayment method. This helps maintain alignment with your business rules and payment structures.
The Repayment method setup is now complete. Please ensure that all required fields are filled in. You can now verify that the new repayment method object has been successfully created.
