Welcome to the step-by-step guide on how to create digital collections using Lydia Collect. Today we will guide you through creating and managing your collections with four simple steps.
So let’s dive right in!
Step 1: Access Lydia Webapp and create your account
To get started with Lydia Collect, you must access the Lydia webapp and create your account. Please have your Certificate of Incorporation, CAC 2, CAC 7 and your BVN handy.
Once you’ve done that, you can start creating your collections.
When creating your collections, you must first identify your customers through BVN. BVN is a unique identifier that Lydia uses to track all the bank accounts associated with your customer. This enables Lydia to open a mandate to each identified account.
Step 2: Create your collect
When you access Lydia webapp, you will first see your Lydia wallet. This is an important feature, as the funds you receive through Lydia Collect will be deposited here. You can access the collect tab, where you can see all your existing collects, filter them by status, and have a full view
of all the transactions associated with each collect.
To create a collect, you need to follow these simple steps:
1. Set the start date: We suggest creating your collects two days prior to the start date to ensure all the steps of the process are met in a timely manner, and you can start collecting on the start date.
2. Define the duration of the collect.
3. Create a unique description for each collect.
4. Insert the full amount to pay.
5. Decide the payment frequency.
6. Identify your payer by using their BVN as it will allow Lydia to find all customer accounts. It is also important to insert the correct email address as the customer will receive the mandates to sign there.
Once you’ve completed all the steps, your collection is created and appears in the list with all the repayment plan details, from transaction value to installment schedule. You can immediately have a view of how you are going to collect from your customer.
As the lender, you will receive an email notifying you that the collection was created, and your customer will receive an email to approve and sign all the mandates associated with their BVN.
Step 3: Your customer accepts and signs the mandates
The next step is for your customer to give consent and sign the mandates we have opened on their accounts. The mandate documents will be automatically sent to the customer’s email address so that they can accept and digitally sign them. As soon as this is done, we automatically jump to the next step.
Step 4: Lydia sends the signed mandates to the banks
Our system will automatically send the signed mandates to the banks, and they will then need to review the mandates and activate them. This is done in a 100% digital way. When the first mandate is active, you will be able to start collecting.
You can use Lydia Collect through our webapp or integrate with your technology through our API.
That’s it! Start Now.
