In our last newsletter, we shared the custom frequencies and Direct Debit billing method feature on the Mono dashboard, how Sycamore uses Mono Direct Debit, and a short video on how Mono Direct Debit works for collecting scheduled payments.
In October, we launched the No-code Mono Direct Debit Mandate, added a new connection to the Mono widget, shared a deep dive on Direct Debit payments, and more. Keep reading for the highlights.
Company & Product Updates
No-code Mono Direct Debit Mandate is live
We recently launched No-code Mono Direct Debit Mandate on the Mono dashboard. This allows businesses in Nigeria to securely and easily create and initiate mandates on customers’ accounts to collect recurring payments, without writing a single of code. This feature also comes with an added functionality to upload and digitize signed paperwork mandates directly on the dashboard.
To set up a no-code payment mandate, navigate to the Mandates tab, click the Create a mandate button, and enter the required details. Create a no-code mandate here.
Moniepoint connection on the widget
We have added Moniepoint personal banking as a new connection on the Mono Connect and DirectPay widget. This means that your customers with Moniepoint personal accounts can now securely link their accounts to share their financial data with your business or make one-time direct bank payments. Try a demo.
Automating your loan recovery process with Mono Direct Debit APIs
Current loan recovery methods are almost outdated and don’t guarantee better repayment success rates for lenders. If you’re looking to provide your users with a better and more seamless way to repay you, we wrote a detailed, no-fluff technical guide on how credit businesses can implement the Mono Direct Debit APIs to build an automated loan recovery flow within their service, enabling them to reduce the chance of loan defaults and missed payments.
Lase’s journey from intern to full-time Engineer at Mono
Last month, we spotlighted Lase, one of our Product Engineers, and shared an inside look into how he came from a background in music production, to starting out in tech as a Fullstack Engineering intern at Mono, and then joined our Engineering team full-time.
Lase’s career transition is impressive and is proof of how our commitment to growing young talents with the introduction of the Mono Summer Internship program can make a difference in their career journey.
How Direct Debit payments work
Direct Debit is a secure, faster, and more convenient way to collect automated recurring payments from customers, compared to other payment methods like cards. Direct Debit payments also requires customers to give authorization via mandates before payments are processed.
To get a deep understanding of how they work, we shared a guide that details what Direct Debit is exactly, their use cases, and why they may be a better payment option for your business.
