list-of-contract-definitions
Table of Contents
List of debit order contract definitions
The list of contract definitions gives you a clear indication of what needs to be completed on our online application: https://www.directdebit.co.za/apply.
This includes:
- Contact Information
- Electronic Service Limits
- Electronic Services (including EFT, NAEDO, DebiCheck)
- Action Dates
- Charges Account
- Nominated Account and
- Debit Order Mandates.
Contract information
| Term | Definition |
|---|---|
| Company Name | Legal entity name followed by (Pty) Ltd, Ltd, CC or Trust and also includes trading as name. For example, Company ABC (Pty) Ltd t/a ABC. |
| Email - General Comms | Business email address where general communication can be sent to. |
| Email - Reminders | Business email address where reminders can be sent to. |
| Email - Confirmation | Business email address where processing confirmation files can be sent to. |
| Email - VET Report | Business email address where VET reports (batch processed confirmation report) can be sent to. |
| Email - Unpaid | Business email address where individual unpaid clients can be sent to. |
| Email - Billing | Business email address where invoices can be sent to. |
| Physical Address | Physical address of the business that can be verified by FICA which includes a utility bill or lease agreement. |
| Postal Address | Postal address of the business, either physical address or postal box. |
| Registration Number | Registration number provided by CIPC, usually provided on CoR 14.1/CoR14.3/CoR20.2 document, CK1/CK2 document or Trust Deed. |
| VAT Registration Number | Value Added Tax registration number provided by SARS upon successful registration for Value Added Tax. |
| System Administrator | Person(s) who will be submitting debit order transactions to the system and who require a login. |
| Full Names | All your names listed on your identification card as well as your surname. |
Electronic Service Limits
| Term | Definition |
|---|---|
| Aggregate Limit - Debits | Total amount you want to collect from all of your clients combined in one month via the EFT debit order system. The retention percentage is based on this amount. |
| Item Limit - Debits | Highest amount you want to collect from one client via the EFT debit order system. |
| Aggregate Limit - NAEDO | Total amount you want to collect from all of your clients combined in one month via the NAEDO debit order system. The retention percentage is based on this amount. |
| Item Limit - NAEDO | Highest amount you want to collect from one client via the NAEDO debit order system. |
| Aggregate Limit - Cards | Total amount you want to collect from all of your clients combined in one month via the credit card merchant facility. The retention percentage is based on this amount. You will require a merchant facility for credit card processing. |
| Item Limit - Cards | Highest amount you want to collect from one client via the credit card merchant facility. The retention percentage is based on this amount. You will require a merchant facility for credit card processing. |
| Aggregate Limit - Credits | Total amount you want to pay out to suppliers/employees combined in one month via the EFT debit order system. You will require a specific account for this facility. |
| Item Limit - Credits | Highest amount you want to pay out to one supplier/employee via the EFT debit order system. You will require a specific account for this facility. |
Electronic Services
| Term | Definition |
|---|---|
| Two Day Service Debit Order | Debit order files must be submitted to the system two business days prior to the action date, before 12:00, to be accepted. For example if you want to debit the client on the 1st of August, the batch should be submitted by the 28th of July. |
| Same Day Service Debit Order | Debit order files must be submitted to the system on the action date, before 12:00, to be accepted. For example if you want to debit the client on the 1st of August, the batch should be submitted by the 1st of August before 12:00. |
| NAEDO Service Debit Order (soon to be DebiCheck Debit Order) | The debit order allows for tracking days on the account, meaning you can track the account for several days until funds reflect. Debit order files must be submitted to the system one business day prior to the action date, before 12:00, to be accepted. For example if you want to debit the client on the 1st of August, the batch should be submitted by the 30th of July before 12:00. |
| Card Collections | Debit order files can only contain credit card details and can be submitted similar to Same Day Service, meaning on the action date. |
| Two Day Service Credit Payments | Credit files must be submitted to the system two business days prior to the action date, before 12:00, to be accepted. For example if you want to run credits on your bank account on the 1st of August, the batch should be submitted by the 28th of July. |
| Same Day Service Credit Payments | Credit files must be submitted to the system on the action date, before 12:00, to be accepted. For example if you want to run credits on your bank account on the 1st of August, the batch should be submitted by the the 1st of August before 12:00. |
| Account Verification Service | Verifies whether a natural person or legal entity claiming to be, is indeed the holder of a specific bank account. Also checks whether an account has been open longer than three months, accepts debit or credit requests, and several other confirmations. |
Action dates
| Term | Definition |
|---|---|
| Action Dates | Days that you want to collect funds from your clients or credit your account for payouts. These days are business days and exclude public holidays. |
Charges Account
| Term | Definition |
|---|---|
| Charges Account | Account where your fees for the services will be debited from. |
Nominated Account
| Term | Definition |
|---|---|
| Nominated Account | Business account where funds collected will be paid out to, or the account provided for credits to be processed from. |
Mandates
| Term | Definition |
|---|---|
| Paper Debit Order Mandate | A debit order authorisation form signed in pen and ink. The Payments Association of South Africa prescribes the minimum wording for such a mandate, which can be obtained from Direct Debit. |
| Voice Debit Order Mandate | A debit order authorisation recording that needs to adhere to SAAB requirements. The Payments Association of South Africa prescribes the minimum wording for such a mandate, which can be obtained from Direct Debit. |
| Electronic Debit Order Mandate | A debit order authorisation form signed electronically. The Payments Association of South Africa prescribes the minimum wording for such a mandate, which can be obtained from Direct Debit. |
list-of-contract-definitions.txt · Last modified: 2020/06/05 12:34 by Schuzelle van Wyk
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