Third Party Integration with Viking

Viking is a merchant service provider that helps vendors accept major credit cards via a terminal on their website. It is in charge of keeping your account compliant with state and federal laws, funding your current account, assisting you in preventing fraud, and offering customer service.

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SparkLMS integrates with the best breed of third-party solutions in the Lending Eco-system to run a lending portfolio easily and profitably. Viking + SparkLMS integration will allow lenders to facilitate seamless payment collection for loan repayments. It would allow borrowers to make payments conveniently through various channels, such as credit/debit cards, ACH transfers, or mobile payments.

What it does

With this integration, lenders will be able to:

• Offer borrowers various payment methods.
• Enable direct repayments via SparkLMS.
• Ensure secure payment processing.
• Monitor payments in real time.
• Streamline reconciliation processes.
• Access detailed financial reports.

Benefits

• Expanded payment options for borrowers, including credit/debit cards, ACH transfers, and mobile payments.
• Streamlined payment collection processes.
• Enhanced security for transactions using encryption and tokenization.
• Real-time tracking of payments to monitor payment activity more effectively and take immediate action.
• Automated reconciliation for incoming loan payments to reduce manual effort and ensure accurate and timely reconciliation of financial transactions.

Pre-requisites

After on-boarding your lending portfolio on SparkLMS, you must set up an account with Viking. We will guide you through the entire process of setting up Viking in your instance of SparkLMS.