Direct debit and recurring payments are both automated payment methods, but they differ in structure and control. Direct debit allows businesses to withdraw money directly from your bank account, often varying in amount based on the bill and can take a few business days to process. Whereas, recurring payments involve a set amount that you authorize to be charged at regular intervals, like a monthly subscription. These payments are usually easier to set up and process more quickly, as they’re often linked to credit or debit cards. Essentially, direct debit is a broader category, while recurring payments are a specific use case within that framework.

What kind of software do NBFCs use to manage lending processes?
Non-bank financial companies (NBFCs) need a software solution that will assist them with every stage of the lending process. The right loan management software will assist with:

And it should also offer:

Loan servicing software is about empowering private lenders to:

By choosing the right loan servicing platform, your business can be adaptive, successful, and long-lasting. Contact us today to find out how Biz Core can help your business excel.

Automatic payments can encompass various types of transactions, including recurring payments, one-time payments, and instalment payments. However, recurring payments specifically refer to transactions that occur on a recurring basis, typically with a fixed amount charged at regular intervals until the customer cancels or modifies the arrangement.

Recurring payments can fail for various reasons, including:

To mitigate recurring payment failures, businesses should ensure that they have a comprehensive payment processing system in place, like Biz Core.

Contact us today for a free live demo and for more information on how we can help your business streamline your payment processes.