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An LMS is a digital solution for lenders that moves every phase of the loan lifecycle onto a simple online platform. A LMS helps to automate your business processes from loan origination to loan servicing to reporting. It’s particularly useful for small businesses looking to move from a paper-based or excel-based loan book into an integrated online environment.

Recurring payment software, such as Biz Core, can help you take recurring payments online. The process usually includes:

1. 1. The customer elects to pay via recurring payments.
   2. They will then agree to the terms and conditions, the payment amount, the payment schedule and the end date.
   3. The customer will provide their payment information and consent for the business to securely store this information.
   4. Recurring payments will take place with the recurring payment software managing the transaction.
   5. Lastly, your customer will receive an invoice listing the payment details. You may also choose to send them a notification or reminder alerting them to the next date of payment.

Request a demo with our Biz Core experts today to see how we can save you time and help you forecast income.

There are a wide range of recurring payments that businesses use, common examples include:

Payment automation provides a lot of benefits to your business. Some of the key pros of a direct debit automated payment system include: