Debit Orders
Cash is the oxygen that enables a business to survive and prosper, and is often used as the primary indicator of business health.
Automate your collections
Cash is the oxygen that enables a business to survive and prosper, and is often used as the primary indicator of business health.
For this reason, the inflow of cash to a business needs careful monitoring and management. One of the key elements of a cash flow and debtor management cycle is the use of efficient debtor payment mechanisms, such as debit orders. Most companies should insist on payment by debit order, especially when terms are granted to clients.
We offer a highly secure and cost-effective debit order collection system where users can sign on and upload debtor account files through unique access-controlled authorisation levels.
You can add and process debit orders against all South African bank accounts – debits can be made against current, cheque, savings and transmission accounts – and our automatic CDV (check-digit verification) system pre-validates bank accounts to determine if account numbers are consistent with bank and branch validations. This ensures the accurate capturing of data, prior to submitting transactions to the bank, reducing returned or rejected transactions, and the associated costs. Once processed, batch reports are provided to manage and measure successful and returned debit orders.
Multiple settlement options are available, or you may opt to run in your own account.
We will guide new clients through the process of obtaining the correct legal customer mandates required to process correctly-authorised debit order payments.
A key objective of all our products is to reduce cost and to increase the effectiveness of the total credit cycle. Returned debit order files are analysed by our expert credit consultants who will assist each client with additional strategies to deal with each different returned debtor category.
DebiCheck
For years the market has been asking for a more advanced form of debit orders – a system that protects both parties to the transaction. DebiCheck is the answer!
Developed over a period of years by PASA (Payments Association of South Africa) and the Banking Association of South Africa, DebiCheck is a world-first and makes use of the prevalence of personal electronic communication mechanisms to ensure that transactions processed through the system have been irrefutably pre-approved by debtors, thereby safeguarding both parties from unauthorised transactions or unwarranted disputes.
As with the NAEDO system that it is replacing, DebiCheck contracts can be once-off or recurring, for fixed, variable or usage-based amounts, can be set to optionally track an account (for a maximum of 10 days) and can run on the date of your choosing.
You can also opt for one of our settlement options or can choose to run in your own account.
At this stage, a DebiCheck transaction may only be concluded against the account of a natural person and are limited to transactions of R500,000 or less.
Naedo
The next level is here
Please note that as per the SARB Directive contained in notice R. 472, as of 1 May 2021, no new, extended or renegotiated AEDO or NAEDO collection agreements may be concluded within the debit order system.
This forms part of the sunsetting process for the NAEDO service as the migration to DebiCheck gathers pace.
We are one of the leading providers of Debicheck services – speak to us about migrating from NAEDO, or initiating a new DebiCheck facility.