Repayments

In Falcon, Repayments refer to the processes and mechanisms by which users settle their outstanding balances on credit cards. Effective repayment systems are crucial for maintaining financial health, ensuring compliance, and promoting trust between financial institutions and their customers.

⚙️ Key Features

Flexible Repayment Options

Minimum Payment: The minimum amount a user should pay by the due date to keep the account in good standing.
Total Payment: Paying the entire outstanding balance to avoid interest charges.
Custom Amount: Users can choose to pay any amount between the minimum and total amount, offering flexibility based on their financial situation.

Multiple Payment Channels

Falcon supports various channels for making repayments:

Bank Transfers: Direct transfers from linked bank accounts.
UPI Payments: Utilizing the Unified Payments Interface for quick and secure transactions.
Auto-Debit: Setting up automatic deductions on due dates to ensure timely payments.
Payment Gateways: Integration with third-party gateways for diverse payment methods.

Real-Time Payment Processing: Repayments are processed in real-time, updating account balances instantly and reflecting in user statements promptly.

Notifications and Reminders: Automated alerts are sent to users for upcoming due dates, successful payments, and missed payments, ensuring they stay informed and avoid penalties.

🔁 Repayment Workflow

Statement Generation: At the end of each billing cycle, a statement is generated detailing the total amount due, minimum payment, and due date.
User Notification: Users receive notifications via email, SMS, or in-app alerts about their new statement and due date.
Payment Initiation: Users choose their preferred repayment method and initiate the payment.
Payment Processing: The system processes the payment in real time, updating the user's account balance and transaction history.
Confirmation: Users receive confirmation of successful payment, and the system logs the transaction for record-keeping.

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