A successful in-app payment happens in 4 stages:
- Initiated: The customer has initiated payment in the app and the payment is pending with the bank
- Guaranteed: The payment is received by the third- party payment processor from the bank
- Received: The payment is allocated to the customer's loan at Prodigy Finance
- Payment Confirmation: You will receive an automated email confirming that payment has been received
Step by step guide:
- As soon as you've "initiated" your payment successfully, you'll see the status change to a pending payment.
- Our third-party provider then sends a request to your bank to debit your account.
- Your bank can take up to 3 business days to deduct the funds from your account.
- Once the funds have been deducted from your account, your bank will send us confirmation and the payment status will change to "guaranteed"
- It will then take between 5 - 8 business days for the funds to reach our account.
- Once we have received the funds in our account, we will then change the status of the payment to "received".
- Once we've successfully allocated the funds to your loan, you will also receive a "payment confirmation email" confirming your successful repayment.
Please note that even though we stipulate these time-frames, this process could take a little bit longer over bank or public holidays.