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" on our end and the payment will disappear from your app for 24-48 hours while we allocate the funds to your loan account.
- 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.