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  • Writer's pictureWilliam Watson

Best Practices for Sending and Receiving Payments

1. Educate the borrower on the benefits of taking out a payday loan. Provide detailed information on interest rates, repayment terms, and fees so they are aware of the costs before they make a decision.

2. Ensure that your website is secure and that all customer information is kept confidential.

3. Make sure that you are compliant with all applicable municipal, provincial and federal laws.

4. Adhere to a strict code of ethics when marketing and collecting payments for payday loans.

5. Offer flexible payment options that cater to the needs of the borrower.

6. Utilize digital payment methods to streamline the process and make it easier for customers to make payments.

7. Offer helpful resources such as budgeting tips and other money management advice to help customers better manage their finances.

8. Follow up with customers to ensure that they are satisfied with the service and to remind them of any upcoming payments.

If you would like to learn about about best practices to maximize payments to reduce your possible charge offs, call Watson Capital & Consulting. We help payday lenders across Canada achieve their payment goals. Contact Preston Watson directly by calling 778-955-5644, send us a WhatsApp message to 905-906-5644, or email us via Consultations are free, so call us now!

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