Debit Order Collections (EFT Debits)
The debit order collection service is a way for a business to collect monthly fees from their customer’s bank account or credit card. It’s typically used to collect monthly subscriptions, premiums or repayments.
Direct Debit as a debit order collections company, offers a complete automated debit order collection software system to small businesses and large enterprises, enabling you to collect monthly payments from your customers without any manual intervention on our cloud-based debit order system.
Our systems also include a debit order API for clients wanting to process or reconcile debit order transactions through their own systems.
Debit order collections are made possible via Bankserv Africa and PASA. Bankserv Africa developed a debit order processing system for daily clearing and settlement of debit orders and credit payments. The debit order collections and payment services are available to all approved businesses and enable fast and efficient processing of debit orders, account payments and salaries.
Normal Debit Order Facility Features
Normal debit orders are generally more cost effective than Authenticated Early Debit Order (AEDO) or Non-Authenticated Early Debit Order (NAEDO) debit orders.
The normal debit order service allows you to process debit order to a customer’s bank account without the implementation of tracking. The customer’s bank account is processed only once and the result of either successful or unsuccessful is obtained.
Higher Collection Limit
Normal debit order features a higher collection limit of R1,000,000 per instruction compared to the R30,000 per debit for AEDO and NAEDO debit order instructions.
Types of Debit Order Facilities
Debit Order Collections
Direct Debit offers both normal debit order (EFT debit order collections) and credit payment (EFT credit payment) facilities. The normal debit order facility provides the option for Two Day transactions or Same Day transactions.
The Two-Day debit order transaction option needs to be submitted by 12:00 two (2) business days prior to the action date (the day you want the debit order to processed on).
Same Day Service
The Same Day debit order transaction option needs to be submitted by 12:00 on the action date (the day you want the debit order to processed on).
Credit Payments (EFT Credits)
Credit Payment Features
Credit PaymentsGenerally more cost effective than EFT payment or card payment. The credit payment facility provides the option for One Day transactions or Same Day transactions.
One-Day ServiceOne Day transactions need to be submitted by 12:00 one (1) business days prior to the action date (the day you want the debit order to processed on).
Same Day ServiceSame Day transactions need to be submitted by 12:00 on the action date (the day you want the debit order to processed on). Feature a collection limit of R5,000,000 per instruction.
Benefits of Debit Order Collection
Increase Cash FlowIncrease your cash flow and ensure you get paid on your terms, no more waiting for payments from customers.
Automate DebitsUse our automatic processing systems to process the transactions automatically each month compared to manually submitting and downloading files.
Save Time & FeesSave on admin time and collection fees by giving your customers the option of paying via debit order or making bulk payments to creditors or employees for salaries.
Fast ReconciliationObtain reconciliation the next day to fast track the debtors process and payment process.
Verify AccountsEnsure you are making or taking payment to or from the correct person or entity by making use of our account verification service (AVS).
The following banks allow businesses to process credit payment and debit orders to and from the bank account and are also considered the participating banks in the normal debit order collection and payment stream:
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