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Lending

What is the best loan book management software?

Loan book management software can improve your business in so many ways. The best ones out there include the following features and benefits:

Streamline business processes

Transform paper-based records to a central digital system

Cloud-based platform with unlimited data and document storage

Easily manage client records

Get paid on time with automatic payments and missed payment notices

Keep track of applications, payments, and leads with automatic daily reports

Remove human error from the equation

Improve application turnaround rate

Enhance the customer journey

Is a loan management system the same as a loan CRM?

A LMS can improve your business in so many ways, here are just a few of the features you can look forward to:

Streamline business processes

Transform paper-based records to a central digital system

Cloud-based platform with unlimited data and document storage

Easily manage client records

Get paid on time with automatic payments and missed payment notices

Keep track of applications, payments, and leads with automatic daily reports

Remove human error from the equation

Improve application turnaround rate

enhance the customer journey

What is loan book software?

Loan book software automates your loan book management process. Instead of having the various aspects of your lending business spread over different locations, everything occurs in one central system. From loan origination to loan completion, you can manage every step from one place.

 

As a cloud-based platform, you have instant access to your records from anywhere and can search, upload, store, and download information when needed. Records, ledgers, and personal information management is made clean and simple.

What is the best loan management software?

There are a number of loan book management systems available in Australia. Finding the right fit for you will depend on what industry you work in and the specific features and capabilities needed.

 

Here are some key features to look for in the best loan book software:

Data security

Document management

Third-party & API integrations

Customizable

Reporting capabilities

E-signatures

What is loan origination software?

Loan origination software (LOS) allows you to manage and automate your loan life cycle from end to end – from onboarding customers, collecting documents, and credit checking, to underwriting, and funding. A loan origination system makes it easy to meet your regulatory lending requirements and provide your customers with the best application experience.

What are the benefits of a loan origination solution?

Loan origination software can revitalise the way you do business. Not only are you cutting down on repetitive and unnecessary paperwork, but you’re introducing a suite of features that are going to make your workflow smoother and your customers happier.

 

Some of the key benefits of loan origination software include:

Expedite the onboarding process to get loans processed faster

Improve customer experience with a streamlined application process

Know exactly what needs to be done at a glance to push the application to the next step

Get an instant overview of:

customer details

application summary

past loans, leads, and applications,

missing information from pending applications.

Secure loan book management and data storage

Access to the system from anywhere

What is loan servicing software?

The purpose of loan servicing software is to enhance customer and loan management through automation. All aspects of loan servicing are laid out in one easy to use system. You can save time, effort, and money by automating your loan service processes.

What is the best loan servicing software?

When you’re looking for the best loan servicing software you should consider the following:

What range of servicing features do they offer?

Are there tailored industry-specific solutions?

Do they provide local support and understand your specific needs?

What software do loan companies use?

A complete loan management software is the perfect solution for lenders looking to upscale their business, enhance customer satisfaction, and save on loan servicing costs. The full suite of features included in Biz Core’s loan management software provides you with everything you need to service loans from start to finish.

 

Get in touch with our friendly developers today for a live demo and see how Biz Core can change your business.

What is a loan management system (LMS)?

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.

What are the benefits of loan management software for small businesses?

There are many benefits to transitioning into an online LMS. It makes growing your business that much easier by starting you off on the right foot. And you will have the most secure, up-to-date software at your fingertips.

 

Your business will no longer be held back by the limitations of outdated software or time-consuming administrative work. Instead, you can streamline your lending service through automation and integration with third-party software. And your employees will be able to complete every phase of the loan life cycle from one system.

What is a loan life cycle?

The term “loan life cycle” refers to the journey of a loan. This begins from when a borrower submits their application to when the loan is repaid in full with interest. There are varying stages that make up the loan life cycle and it can differ between lenders. However, generally, the stages of a loan life cycle include:

  • Step 1 - A customer submits their application for a loan to the lender.

    Step 2 - The lender appraises the application and assesses the eligibility of the applicant.

    Step 3 - If the loan application is successful, a contract or terms and conditions will be sent to the customer to be signed.

    Step 4 - Once a signed contract is in place, the funds will be dispersed to the customer.

    Step 5 – Customer begins repaying the loan, with interest, in the agreed scheduled instalments.

    Step 6 – Customer pays the last instalment, and the loan is settled. Any collateral will be lifted or returned during this stage.

  • What is a loan management system?

    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 and 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.

    Payments

    What are the benefits of using a loan management platform?

    A LMS can improve your business in so many ways, here are just a few of the features you can look forward to:

    Streamline business processes

    Transform paper-based records to a central digital system

    Cloud-based platform with unlimited data and document storage

    Easily manage client records

    Get paid on time with automatic payments and missed payment notices

    Keep track of applications, payments, and leads with automatic daily reports

    Remove human error from the equation

    Improve application turnaround rate

    enhance the customer journey

    Why use loan book software?

    There are so many benefits to migrating over to online loan book software. But the biggest motivation for lenders is to leave behind complicated loan book management processes.

     

    By streamlining your lending process you can get people onboarded faster with less hassle to you and the client. You'll find that you have a higher retention rate, better customer satisfaction, and more time to drive business growth.

     

    Say goodbye to manually tracking and updating your client information and payment records. Say hello to automated payments transferred into your bank account on time, every time.

     

    Get in touch with our friendly developers today for a live demo and see how Biz Core can change your business.

    What is a payment automation system?

    Automated payment systems allow customers to make scheduled electronic payments directly to you. They reduce the risk of fraud and make it easier to make correct payments on time.

     

    Instead of manually tracking when payments are due, the payment amount will be automatically transmitted to your account on the scheduled date. It’s easier to alter payments and schedules, keep track of past payments, and track your expected cash flow.

     

    You can integrate with your existing systems or make use of the full Biz Core payment solution

    What are the benefits of an automated payment system?

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

    More flexible payment options for customers

    Payment solutions to suit your business

    Expedite payment process

    Reduced risk of fraud

    Saves time

    Captures data and displays on a dashboard

    Increased security

    Minimise errors

    Better cash flow management

    What are examples of recurring payments?

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

    Membership fees

    Phone bills

    Utility bills

    Subscriptions

    Donations

    How can my business take recurring payments online?

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

      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.

    How does recurring payment processing work?

    Once the repayment amount and the repayment schedule is agreed upon by you and your customer, the customer will be charged automatically via direct debit or their payment card.

    Why use loan origination software?

    If you want to cut down on data entry, process loans faster, and meet your regulatory requirements every time, our loan origination software is for you. With Biz Core end-to-end lending software you’ll be able to:

    Have all your onboarding steps completed on one platform

    Build customer trust through consistency and expedient loan practices

    Meet your regulatory requirements every time

    Cut down on paperwork and redundant data-entry tasks

    Access all phases of onboarding from one system

    Allow customers to sign loan agreements from anywhere with e-signatures

    What is credit card processing?

    Credit card processing refers to the multi-step process needed to finalise payments made with a credit card. This includes credit card payments made in person, online, by phone, or by mail.

     

    With Biz Core’s efficient and reliable system, we look after the credit card processing for you and make it easy for your customers to make online payments, set up recurring payments, and manage their direct debits.

     

    Contact us today to find out how we can help.

    How does credit card processing work?

    Though this process only takes a matter of seconds to complete, credit card processing actually consists of multiple factors.

     

    Credit card processing follows the following process:

    1. Customer pays for their goods or services by credit or debit card.
    2. Payment information is sent to the credit card processor who communicates with the issuing bank via their card networks (such as Visa, Mastercard, American Express etc.)
    3. The bank will assess whether the cardholder has sufficient funds or credit to complete the transaction, and may also check for any fraudulent activity. The bank will then respond with whether the credit or debit card has been approved or denied.
    4. Approval or denial is sent to the payment processor who will communicate this information back to the merchant.
    5. The payment is then settled. This occurs when a batch of approved transactions for that day is processed (usually at the close of business) and a customer’s account is charged. The money is then deposited into the merchant's account.
    How long does it take for a credit card payment to process?

    The time a credit card payment takes to process will depend on the issuing bank. Generally, the processing time is within 1-2 business days. However, it is important to consult with your bank to determine your credit card payment processing time.

    Are credit card payments processed immediately?

    Typically, funds are usually available within 1-2 business days of the payment being made. The processing time will depend on the issuing bank.

    What is a direct payment system?

    A direct payment system allows customers to transfer money from their bank account to yours. Using a cloud-based direct payment system, you will have the ability to manage all of your payment scheduling, collections, and processing online. And the ability to manage customer details.

     

    Contact us today to find out how Biz Core’s direct debit system can simplify your payment and customer management.

    How do direct debit payments work?

    A direct debit is an authorised automatic transaction that transfers funds from a customer's bank account, rather than their debit or credit card, to a merchant's account. Direct debits are often used for recurring scheduled payments, though they can also be used for one-off payments.

     

    Once you and the customer have agreed on the amount to be debited and the payment schedule, your customer will need to provide you with their BSB and account number. The customer will also need to complete a direct debit authority form. Then, once the form is signed, the customer’s account will be debited according to the amount and schedule agreed upon.

    How do I get customers to pay by direct debit?

    Offering incentives is a great way to encourage customers to pay via direct debit. Popular incentives include:

    Offering small discounts on products or services for direct debit customers.

    Offer the first month free.

    Rewards cards.

    Waiving admin fees.

    Offer a once-off charitable donation for every customer who chooses to pay via direct debit.

    What is an online payment gateway?

    Payment gateways and processors allow you to offer a secure online payment environment for your customers. They act as the middleman between you, the customer, and the participating banks in order to process payments. Using a payment gateway helps protect you from data breaches, fraudulent activity, and chargebacks. And it allows you to offer an easy payment solution to your customers.

    How do online payment gateways work?

    You need a payment gateway and processor to securely verify, authorise, and transfer funds from a customer’s bank account to your merchant bank account.

     

    An online payment gateway works like an in-person POS system but it uses cloud-based software to process digital payments. The sensitive card information travels along an encrypted payment processor between the merchant bank account and the customer bank account in order to:

    Verify card details

    Conduct fraud checks

    Check sufficient funds are available

    Authorise the transaction

    Transfer the funds to the merchant account

    Which is the best online payment gateway?

    When you are choosing a payment gateway for your business look for the following features:

    Multiple payment options

    Security features

    Website integration

    Customisation

    Checkout pages

    Easy-to-use functionality

    What is the best credit card processor for a subscription based business?

    Deciding on the best credit card processor for your subscription based business will depend on your individual circumstances. But here are some questions to consider:

    What costs are involved?

    Are there any hidden fees or charges?

    Does it offer a smooth transaction process for your customer?

    How secure is it?

    How will it safeguard your data and customer information?

    What types of cards does it allow? I.e. Visa, MasterCard, Amex etc.

    Does it offer technical support?

    How does it integrate with other systems?

     

    Contact Biz Core today to find out how we can help manage payment options for all your subscriptions.

    How do you handle subscription payments?

    How do you handle subscription payments?

    Having an all-in-one payment processor and member management system is the best way to handle subscription payments. With the right system, like Biz Core, you’ll be able to:

    Offer multiple payment methods such as credit cards, debit cards, and direct debit

    Offer weekly, fortnightly or monthly payment schedules

    Offer once-off payments for customers who may like to pay far in advance

    Change a customer’s payment schedule as needed

    Monitor their payment history and instantly handle failed payments

    Automatically log your customers’ contact information, tracking the date they signed up

    Send out automated receipts, reminders, and notices

    Record customer interactions

    Upload and store documents

    Send e-signature documents

    +more

     

    Contact us today to find out how Biz Core can help you handle subscriptions payments and keep your business running smoothly.

    What is a membership payments system?

    A membership payment system combines the ability to process payments and manage customer information simultaneously. Payments are often made by credit card, debit card or direct debit, and are often recurring at scheduled intervals. A membership payment system can also accommodate once-off payments.

    Why has Biz Core debited my account?

    Biz Core is a payment facilitator for a wide range of businesses, including lenders, rental agencies, telcos, personal trainers & gyms, sporting clubs, accountants & bookkeepers, rideshare providers, and others.

     

    If you are seeing a debit on your bank statement, it is likely that one of your recent payments has been dishonoured. When this happens a dishonour fee is charged.

     

    If you want to know more please email info@bizcore.com.au

    How do I get my indoor sports and leisure centre members to pay by direct debit?

    Direct debit helps keep things simple for you and your customers. Using an online payment processing platform like Biz Core will make it easy to convince your customers to make the switch.

    Once you have your user-friendly payment system ready to go, incentives are also a great way to encourage your members to pay via direct debit. Popular incentives include:

    Offering small discounts on products or services for direct debit customers

    Offer the first month free

    Rewards cards

    Waiving admin fees

    Offer a once-off charitable donation for every customer who chooses to pay via direct debit

    What is a payment plan?

    Payment plans allow you to pay off a lump sum of money in instalments over time, rather than all at once. Payment plans can also be used for recurring payments like subscriptions or memberships.

    How do payment plans work?

    When you set up a payment plan you agree to make periodic repayments on set dates until you have paid off the amount owed. You could also set a payment plan up to continue taking payments indefinitely, which is useful for recurring payments like gym memberships, childcare, and rent.

    Why pay in instalments?

    Instalment payments make it easier to manage your finances without sacrificing a large sum of money all at once. They can help you maintain a budget, keep monthly expenses low, and make products and services more affordable.

    Why is sports membership payment software important?

    Sports clubs have a range of fees and costs that need effective management. From day-to-day payments to competitions to club fees and membership, there are a lot of payment structures that need to be accounted for. A sports club payment system is built to meet these unique needs and make payment processing and collection simple.

     

    Read more: Why is a Sports Payments System Important?