Companies often give their customers the option to pay for products or services in instalments.
Normal debit orders allow you to collect money from your customers’ bank accounts with their written or recorded voice consent. Companies use debit orders to collect recurring fees or premiums, loan repayments or donations. For your customers, it’s a cost-effective and convenient way to pay you.
Same-day debit order
Same-day collection means that your account is credited and customer’s account is debited on the same day the collection is processed.
Our same-day soonest value service (SSVS) offers two options for you to manage your customers’ account details:
• Pre-format (stored or pre-loaded) means that the customer’s account details are stored on our mainframe and can be changed online or during imports. This option is best for storing details of customers from whom you collect recurring premiums.
• Free format (Ad hoc or once-off) means that the customer’s account details are entered when the transaction is captured online or imported. This option is best for once-off collections.
Dated debit orders help you to collect outstanding payments from your customers. Funds are collected from your customers’ accounts on the due date you specify. The action date is always future dated because there is a lead time for sending transactions for processing. Dated debit order collection options are targeted at larger volume batch collecting customers.
The service is offered from Business Online for clients or as part of a host-to-host integrated system, which means collection instructions are sent via an automated system link between your systems and our system.
For more information, contact your Relationship Manager or email us at BBtactics@standardbank.co.za
Special debit orders are prioritised debit orders, known as NAEDO debits
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