Overview

RecovaPRO is an embedded credit-risk, all-in-one technology solution built for businesses offering diverse lending, embedded finance, or post-paid services; it has an automated direct debit payment capability that allows merchants to collect payments directly from customers’ bank accounts by leveraging the nation’s bank transfer platform built for all forms of electronic payments (Internet banking portals and mobile banking apps), a suite of opt-in embedded credit-risk (insurance) tools that assures no merchant’s business fund is lost to bad debt.

This is a faster, more reliable, and more secure way to recover payments from customers without entering their debit or credit card details. Before you can start using or integrating the RecovaPRO solution as a merchant, please note that you have to complete onboarding, and configure your merchant’s profile with custom settings on the CreditChek SaaS Portal.

As a SaaS platform with the benefit of convenience to delivering timely speed to market, this solution is easily accessed or used via our dedicated Merchant’s Web Portal, as well as other integration channels into existing or new digital products.

The following features are available in CreditChek’s RecovaPRO solution;

Key Capabilities

• Cardless Direct Debit: Collect payments without relying on debit cards that can expire, get blocked, or run out of credit.
• One-Time & Recurring Schedules: Easily support single payments or automated installment schedules (daily, weekly, monthly).
• Flexible Repayment Structures: Choose between evenly split fixed payments or custom variable schedules with adjusted initial deposits.
• Multi-Bank Fallback (GSM): Attach multiple bank accounts belonging to the same verified payer to a single mandate, maximizing collection success.
• Embedded Credit-Risk Management (ERM): Opt-in credit protection tools to safeguard funds against default.
• Automated Credit Bureau Reporting: Seamlessly report borrower repayment milestones directly to licensed credit bureaus via CreditChek Spectrum.
• Rapid Payouts: Request electronic settlements to your corporate bank account with an operational service-level agreement (SLA) of 2 hours.
• Dispute Resolution: Built-in mechanisms to manage, investigate, and resolve payer inquiries and chargeback claims.

One-time payments

One-time debit empowers your business to secure full consent for executing a singular debit transaction from your customer's bank account. This option is ideal for scenarios where customers seek to make a single post-paid payment without engaging in any recurring commitments or intricate arrangements. For API or SDK integrations, upon the completion of a successful asynchronous payment transaction, a webhook is activated to verify the transaction status, enabling your platform to effortlessly receive real-time automated updates.

Transaction Limits & Operational Rules

[!NOTE] Debit Limits

• Minimum Single Debit: ₦250.00
• Maximum Single Debit (Personal Accounts): ₦20,000,000.00
• Maximum Single Debit (Corporate Accounts): ₦200,000,000.00

[!IMPORTANT] Mandate Debit Start Date Rule The startDate of a recurring mandate should be scheduled at least 3 business days (72 hours) from creation. This window allows the payer's bank to register the e-mandate and ensures statutory advance payment notices are delivered to the payer before funds are pulled.

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Recurring payments

The Recurring debit payments feature caters to businesses with post-paid service models. Merchants can set up recurring payments of “fixed” or “variable” value in terms of amount, allowing customers to purchase your products or subscribe to your services easily. Also, managing subscription renewals and pay later (post-paid) services becomes seamless; and provides a hassle-free payment structure and debt recovery experience for your customers.

A suite of embedded Credit-Risk Management tools

This suite of embedded credit risk management options guarantees that businesses with diverse post-paid service models never lose revenue, capital, or products to bad debts. As a merchant, while configuring your profile, you can opt-in for this value add-on service in your RecovaPRO custom profile, allowing your customers to purchase your product or subscribe to your services without fear of any potential business loss; and provide a hassle-free debt recovery experience for your customers. See more details about our ERM Add-on here.

Opt-in automated Credit Reporting (to partner credit bureau)

A reliable value add-on, opt-in service to automate how diverse lenders or merchants can safely and conveniently automate reporting customers' lending(credit) and repayment behavior (activities) to our partner credit bureau in the same integration, from the same platform (a true all-in-one technology platform as a reliable lender’s choice 😉); without any hassle.

Payouts

All business (merchants) requires a dependable method for ensuring the receipt of all recuperated merchant funds to sustain ongoing expansion reliably. Thus, it is easier to provide more credits, recover, “rinse, and repeat” without hassle when onward settlement is reliable and available during operational hours. Our platform allows merchants to request electronic payouts every Monday through Saturday (9 am to 6 pm). It guarantees to get funds in the setup or desired destination bank account (taxes and surcharges excluded) within an SLA(service level agreement) of two hours.

Dispute Management

The solution is designed to protect our diverse lenders and merchants in many undesirable business situations, thus the need to provide a dependable electronic communication channel to safely & transparently dispute cases such as wrong repayment, failed schedule, or recover any repayments from active/expired mandates with verifiable credit risk claims(event of force majeure, uncontrollable loss, and delinquencies) stemming from such non-performing debt.

Product Management

The solution is designed to aid merchants in automatically associating each e-Mandate to a specific product and optionally their preferred collection (settlement) bank account.