Merchants on the Pro Plan can optionally choose to use LotusPay with their own sponsor bank.
If you're already doing NACH Debit with your own sponsor bank, and you also want to benefit from LotusPay's design and technology, you can opt to use LotusPay with your sponsor bank.
LotusPay has deep integrations with the leading sponsor banks. If you're looking to work with multiple sponsor banks, a single integration with LotusPay gives you access to all of them. You can even dynamically allocate your mandate volume across various sponsor banks.
When using the LotusPay API and bulk file import to create mandates, you can dynamically specify the sponsor bank. When using LotusPay forms, the default sponsor bank is used. You can contact us to set a default sponsor bank.
NACH Debit services
The range of LotusPay services includes:
- Mandate Make, Submit, Response
- Debit Make, Submit, Response
- Collection Reconcile
You can choose any combination of these services that suits your business requirement.
Payment processing options
If you don't want to concern yourself with managing payments, you can let LotusPay handle the entire NACH process - and you simply get paid on time, every time. Funds flow as follows:
- Customer's bank account => LotusPay's nodal account => Your bank account
However, if you want to receive funds directly into your bank account, you can opt for that instead:
- Customer's bank account => Your bank account
Get in touch if you'd like to discuss these options.