In a report published by the Payment Association of South Africa debit orders has increased from 33 million in 2007 to 212 million in 2018. Debit orders are one of the fastest growing payment methods in South Africa, but what exactly are debit orders and how can they work for your business in 2021?
Veriseal offers the following types of debit orders
Debit order Collections
We offer normal EFT debit order collections as well as EFT credit payment facilities. Once the debited funds have been received it will be available in your company’s business account the following day. You have the surety of being paid on time without delay.
Two Day Service Collections and Payments
This option needs to be submitted at 12:00 pm 2 days prior to the action date (the date on which the debit order will be processed).You can also automate this service and upload in batches using a csv file format or directly from your accounting software. Customized integration can be quoted on request.
Same Day Service Collections and Payments
This option needs to be submitted by 12:00 pm on the action date (the day on which the debit order will be processed).
Creditor and Salary Payments
This is suitable for once off payments or as a recurring monthly payment. This option can also be automated and uploaded in batches.
Another added advantage of our debit order system is that we have Account Holder Verification services which will ensure the funds get paid and or collected from the correct account.
For more information on how Veriseal’s debit order system can simplify your debit orders and increase your cash flow contact us at firstname.lastname@example.org or use the "Let’s Chat" function on our website.