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list_of_contract_definitions

List of 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.

Contact information

TermDefinition
company namemeans 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 commsmeans the email at the business where general communication can be sent to.
email - remindersmeans the email at the business where reminders can be sent to.
email - confirmationmeans the email at the business where processing confirmation files of the debit orders can be sent to.
email - VET Reportmeans the email at the business where VET reports (report confirming batch has been processed) can be sent to.
email - Unpaidmeans the email at the business where individual unpaid clients can be sent to.
email - Billingmeans the email at the business where invoices can be sent to.
physical addressmeans the physical address of the business that can be verified by FICA which includes a utility bill or lease agreement.
postal addressmeans the postal address of the business which can be either a physical address or a postal box.
registration numbermeans the registration number provided by CIPC which is usually provided on the CoR 14.1/CoR14.3/CoR20.2 document, CK1/CK2 document or Trust Deed.
VAT registration numbermeans the Value Added Tax registration number provided by SARS upon successful registration for Value Added Tax.
system administratormeans the person(s) who will be submitting the debit order transactions to the system and who requires a login.
full namesmean all of your names listed on your identification card as well as your surname.

Electronic Service Limits

TermDefinition
aggregate limit - debitsmean the total amount that 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 - debitsmean the highest amount you want to collect from one client via the EFT debit order system.
aggregate limit - NAEDOmeans the total amount that 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 - NAEDOmeans the highest amount you want to collect from one client via the NAEDO debit order system.
aggregate limit - cardsmean the total amount that 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 - cardsmean the 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 - creditsmean the total amount that 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 - creditsmean the 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

TermDefinition
two day service debitsmeans the debit order file will need to 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 debitsmeans the debit order file will need to 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 debits (soon to be DebiCheck)means the debit order allows for tracking days on the account (which means you can track the account for a number of days to see if funds become available) and the file will need to 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 collectionsmeans the debit order file can only contain credit card details and can be submitted as a same day debit which means on the action date.
two day service creditsmeans the credits file will need to 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 creditsmeans the credits file will need to 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 serviceis a service that allows you to verify whether a natural person or legal entity claiming to be is indeed the holder of a specific bank account. This service also provides how long an account has been open for as well as whether or not debits/credit are allowed to the specific account.

Action dates

TermDefinition
action datesmean the 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

TermDefinition
charges accountis the account where your fees for the services will be debited from.

Nominated Account

TermDefinition
nominated accountis the account where the funds collected will be paid out to or the funds to be credit will be taken from. This means the business account where all funds collected will be paid out to or the account provided for credits to be processed from.

Mandates

TermDefinition
paper debit order mandatesis a debit order authorisation form signed in pen and ink. The Payments Association of South Africa prescribes the minimum wording for such a mandate that can be obtained from the debit order provider.
voice debit order mandatesis 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 that can be obtained from the debit order provider.
electronic debit order mandatesis a debit order authorisation form signed electronically. The Payments Association of South Africa and Sponsoring Bank prescribes the minimum requirements for such a mandate and more information can be obtained from Direct Debit.
list_of_contract_definitions.txt · Last modified: 2019/06/13 09:33 by Schuzelle van Wyk