If you are a SME owner in Nigeria struggling to manage your finances, then Lidya Collect is here to help. With Lidya you will be able to digitize consumer repayment programs that include several banks.
It enables business owners to electronically automate and improve their debtor money recovery and client repayment processes. As the client payback plans cover various banks and are paid straight into their Lidya Wallet, it is expanding by liberating its resources, enhancing the cash flow, and raising revenue and corporate margins.
So what else does Lidya Collect have to offer? Let us jump right in and find out.
Collection Automation
The cumbersome process of pursuing payments can divert valuable resources from other important work, even if your accounting department has a dedicated collecting staff.
According to the 2022 Lidya survey, 87% of Lidya customers say that collections are either somewhat painful or difficult.
The great news is that automation offers a way to get around many of these typical difficulties with collecting money. Implementing Lidya’s automated direct debit requirement for collections will save time on collection procedures and help you focus on other aspects of the business.
Faster Payments
Payment delays were always a big challenge for Small- And Medium-Sized Businesses. And making sure you receive your payments is the first step in increasing your revenue. Making sure you receive payment on the anticipated date without any delays is the second stage.
Collection From Multiple Accounts
With Lidya Collect, you can mandate a direct debit to collect money from all of the banks of debtors and payments, not just one. This enables you to save valuable time and resources, allowing you to grow your business more efficiently.
Cash Flow Management
Enhancing cash flow is a wise decision for any company.. This is the area to concentrate on if you want to make a big difference in your company.
Due to constant reinvestment, growing and new firms frequently lack a reserve of extra funds to see them through cash flow gaps. With Lidya Collect, you will have the necessary cash flow, and by automatically collecting from your clients, you can ensure that your firm is always in good shape.
That means you can now,
- Improve your cash flow position.
- Increase your revenue.
- Increase your business margins.
- Free up your resources.
And eventually grow your business to a new height.
Setting Up Lidya Collect
Create and keep an eye on your automatic collections by automating all of your client collections and fund restoration with Lidya Collect.
- Set up the mandate plan specifics, including a clear description, Standing Instruction, quantity, currencies, collection frequency, and start date, by selecting create on the GSI tab.
- Include all payer information and link the payer via BVN.
- Choose to Validate to ensure the correct information, then click Submit to send it to the payer.
- The mandate will be sent to the payer through email, and they can accept or reject it.
- Once it is permitted, it is put in the “active” position so that you may track the progress of your collection.
- You can keep track of payments, see expiring mandates, and deactivate mandates.
Check the Tutorial here.
So if you are a SMEs Owner, start using Lidya Collect today and Create Collections like never before.
