Collections & Systems
- 2 days prior to running the direct debit, the Marketlend system sends an e-mail to each customer advising them of the amount of the direct debit to be processed against their account.
- All direct debits are processed directly into the Trust Collections Account – minimising co-mingling risk.
- Dishonoured borrowers receive an e-mail notification of their direct debit dishonor, 1 day after the monthly direct debit run.
- The Direct Debit is re-run the following day. A $50 dishonour charge applies.
- Marketlend follows up and seeks to resolve the issue to enable the Direct Debit to run successfully on the second occasion. If payment is offered to a supplier it is not entitled to accept any payments from the customer directly. The supplier is obliged to direct the payee to make any payment directly into the Trust.
- To the extent that the Trust received payments from borrowers relating to non-purchased Trust receivables, these will be held on Trust for the supplier and remitted on next invoice payment date, subject to any dilution setoff.
- A direct debit dishonour report is also produced and sent to Marketlend 1 day after the monthly direct debits are run.
Systems that work harder for you
Marketlend is the innovative online peer-to-peer platform that provides a credible P2P lending alternative to the present rigid financial system. A range of processes and systems in our peer to peer lending platform that maximise transaction efficiency and minimise risks support a solid legal structure and rigorous collection protocols.
Marketlend’s marketplace lending platform is enhanced through the use of a customised bureau system hosted by specialist third party provider. This ensures super quick delivery of:
- Credit automation
- Borrower ratings
- Investor portfolio management
- Reporting for the Marketlend Platform
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