Setting up loan repayments

Developers APIs
#1

I’m new to Rapyd and haven’t begun testing properly, I’m hoping to get feedback on if the below is possible before spending too much time on it.

We are creating a loan repayment system that needs the following functionality.

  1. Hold funds in reserve (looks to be wallets for this)
  2. Transfer the loan amount to the customer (disbursements covers this)
  3. At the point of loan agreement, set up all future loan repayments with a single card authorisation. The features of these payments are as follows
    a) Set amount
    b) Set frequency but possibly adjusted for UK holidays
    c) Set start date for the first repayment,

eg could be a first payment in 10 days followed by 3 payments monthly adjusted for weekends.
4) Accept manual transfers back into the fund/wallet for early loan repayment.

Now I think all the functionality is there but can’t decide if subscriptions are the way I’m supposed to proceed, is this allowed, within the terms and conditions? Is there an alternative? The important bit is that the customer must authorize all future payments on that day 0 loan agreement, it will not work to send them a “request for payment” type url for each loan repayment.

Really hope there is something I can do as liking the look of the APIs for nearly everything we need.

Thanks

#2

Hi @andy.button thanks for sharing! Pending all the right regulatory requirements for the loan repayment setup (version of Finance Lenders License, using cards for loan repayments may not clear for all jurisdictions).

The current subscriptions feature with the Rapyd API does require a PCI (Payment Card Industry) Certification, however I do see some developments to create a solution for this. I’ll be sure to update you as soon as it is released to be tested.

Also I would assume by your choice of subscriptions, the loan repayment would continually be the same amount for it’s given frequency.

Other resources

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Order Object
#3

Hi Kyle, we’re both FCA registered in the UK (our regulator for a loan company) and PCI-DSS 3 compliant.

The main thing for us is can subscriptions be used or do I need to wait for development? Generally the payment will always be the same, however, a customer might ask us to reduce a particular repayment and we might agree to that so the “subscription” charge might change. This could equally be a new “subscription” and cancel the old one so there are different ways to work it.

I’ll continue to activate my account and see what we can do and post here once we try a few things.

Thanks, Andy