In our last newsletter, we shared the launch of the Mono Income API v2 and the Mono Creditworthiness endpoint, the custom frequencies feature for Mono Direct Debit, a guide on how we helped businesses verify over one million user identities, and how PaidHR is using Mono Direct Debit to simplify payroll funding.
In September, we added two new features to the Mono dashboard: custom frequencies and Direct Debit billing method, shared the webinar replay of how Sycamore uses Mono Direct Debit, and more. Keep reading for the highlights.
Company & Product Updates
Direct Debit billing method
You can now fund your Mono wallet and pay for your Mono Connect subscriptions using Direct Debit. This allows Mono to directly debit your account for subscription payments with your authorization, so you don't have to process these payments manually each time.
To set Mono Direct Debit as your preferred billing method, navigate to Billing Settings on your Mono dashboard and select the Direct Debit option as your new billing method. Change your billing method here.
Custom frequencies on the Mono dashboard
Last month, we shared that you can now set a custom debit frequency when creating a fixed direct debit mandate. This allows you to add the specific number of days, weeks, or months for when the customer’s account should be debited. We have implemented this update to the Mono dashboard so you can easily customize the debit frequency for fixed mandates without writing a single line of code.
To access this feature, log into your Mono dashboard, navigate to the Mandates tab, click the ‘Create a mandate’ button, and enter the required details. Try the custom frequencies feature.
How Sycamore uses Mono Direct Debit
Earlier in September, we co-hosted a webinar with the Sycamore team to show how they implemented the Mono Direct Debit APIs to automate their loan collection process and improve their loan repayment rates.
This featured a live demo of the direct debit experience within their product and a detailed walkthrough of how they use Mono Direct Debit to power an easier and more reliable repayment flow for their users. If you missed the event, we shared a video replay on our YouTube.
Collecting recurring payments with Mono Direct Debit
If you are still curious or need more clarity about Mono Direct Debit and how it can work for your business, we recently shared a 2-minute video explaining how your business can use Mono Direct Debit to automatically collect scheduled payments from your customers’ accounts, compared to other payment methods.
Partner News
Fido announces funding
Fido recently raised $30m in Series B funding to expand its digital lending services and provide secure access to loans and credit to more customers across Africa.
