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Difference between EFT, NAEDO, AC & Card Collections

EFT Debit Order NAEDO Debit Order Authenticated collection Card Collection
DefinitionNormal debit orderNormal debit order with trackingAuthenticating Mandate before collectingDebit order directly form debit/credit card
Limitation/Not allowedNo share accountsNo splittingNo splittingNo shared accounts
Maximum Maximum 500,000 per transactionMaximum 30,000 per transactionMaximum 30,000 per transaction-
Cut off times2 day service:2 days before action date before 12:00Must be submitted before 12:00Must be submitted before 12:00Same day before 15:00
Same day service: before 12:00 on action date
When can a customer submit stop paymentImmediatelyStop Payment When:
1.Bank account closed
2.Bank account doesn't exist
3.Bank account frozen
4.Payment stopped
difference_between_eft_naedo_ac_card_collections.txt · Last modified: 2019/04/08 10:34 by Schuzelle van Wyk