The Paynet Debit Orders module is ideal for organizations collecting revenue from a multitude of customers through Commercial Banks and Building Societies. Major consumers of the product are insurance companies, credit stores, funeral houses, housing schemes, mobile telephone agencies, micro finance houses
In situations where your debtors receive cash on different days of the month, in conjunction with their banks you can structure a package that offers you the option to collect revenue direct from your debtors’ accounts. This offers your debtors the flexibility to meet their obligation without commuting to make payments while your revenue streams are uninterrupted.
All you require is to discuss with your debtors a suitable arrangement where they grant you authority to collect the fixed revenue directly from their bank accounts. This requires you drafting a mandate, which your customer will sign and return to you. You can then obtain the Paynet solution from us for automation of collections.
How It Works
- You send a file of collection instructions to your bank or building society. This file contains the account numbers of your debtors and the respective amounts due for payment.
- Your financial institution receives the file for processing. It collects money from your various debtors’ accounts and deposits it into a special account opened for you.
- The financial institution sends you electronic feedback on collection efforts.
- From the comfort of your office, you are able to measure the collection success rate and at the same time initiate measures to follow up on failed collections.
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