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list_of_contract_definitions [2017/09/01 10:11]
Schuzelle van Wyk
list_of_contract_definitions [2019/06/13 09:33] (current)
Schuzelle van Wyk [Mandates]
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-===== List of contract definitions =====+=======List of contract definitions=======
  
-==== Contact information ==== 
  
-=== company name === +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]].
-means legal entity name followed by (Pty) Ltd, Ltd, CC or Trust and also includes trading as nameFor example, ​ Company ABC (Pty) Ltd t/a ABC.+
  
-=== email - general comms === +This includes: ​ 
-means the email at the business where general communication can be sent to.+  * Contact Information 
 +  * Electronic Service Limits 
 +  * Electronic Services (including EFT, NAEDO, DebiCheck) 
 +  * Action Dates 
 +  * Charges Account 
 +  * Nominated Account and  
 +  * Debit Order Mandates.
  
-=== email - reminders === 
-means the email at the business where reminders can be sent to. 
  
-=== email - confirmation === 
-means the email at the business where processing confirmation files of the debit orders can be sent to. 
  
-=== email - VET Report === 
-means the email at the business where VET reports (report confirming batch has been processed) can be sent to. 
  
-=== email - Unpaid === 
-means the email at the business where individual unpaid clients can be sent to. 
  
-=== email - Billing === 
-means the email at the business where invoices can be sent to. 
  
-=== physical address === 
-means the physical address of the business that can be verified by FICA which includes a utility bill or lease agreement. 
  
-=== postal address === 
-means the postal address of the business which can be either a physical address or a postal box. 
  
-=== registration number === 
-means 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 number === 
-means the Value Added Tax registration number provided by SARS upon successful registration for Value Added Tax. 
  
-==== System Administrator ==== 
  
-=== system administrator === 
-means the person(s) who will be submitting the debit order transactions to the system and who requires a login. 
  
-=== full names === 
-mean all of your names listed on your identification card as well as your surname. 
  
-==== Electronic Service Limits ==== 
  
-=== aggregate limit - debits === 
-mean 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 - debits === 
-mean the highest amount you want to collect from one client via the EFT debit order system. 
  
-=== aggregate limit - NAEDO === 
-means 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 - NAEDO === 
-means the highest amount you want to collect from one client via the NAEDO debit order system. 
  
-=== aggregate limit - cards === 
-mean 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 - cards === 
-mean 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 - credits === 
-mean 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 - credits === 
-mean 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 ==== 
  
-=== two day service debits === 
-means 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 debits === 
-means 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 === 
-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 collections === 
-means 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 credits === 
-means 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 credits === 
-means 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 service === 
-is 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 ==== 
  
-=== action dates === 
-mean 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 ==== 
  
-=== charges account === 
-is the account where your fees for the services will be debited from. 
  
-==== Nominated Account ==== 
  
-=== nominated account ​=== +========== 
-is the account ​where the funds collected will be paid out to or the funds to be credit will be taken fromThis means the business ​account ​where all funds collected will be paid out to or the account ​provided for credits to be processed from.+========== 
 +=====Contact information===== 
 +|< 100% 50% 50%>| 
 +^Term^Definition^ 
 +|company name|means 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|means ​the email at the business ​where general communication can be sent to.| 
 +|email - reminders|means ​the email at the business where reminders can be sent to.| 
 +|email - confirmation|means ​the email at the business where processing confirmation files of the debit orders can be sent to.| 
 +|email - VET Report|means the email at the business where VET reports (report confirming batch has been processed) can be sent to.| 
 +|email - Unpaid|means the email at the business where individual unpaid clients can be sent to.
 +|email - Billing|means the email at the business where invoices can be sent to.| 
 +|physical address|means the physical address of the business that can be verified by FICA which includes a utility bill or lease agreement.| 
 +|postal address|means the postal address of the business which can be either a physical address or a postal box.| 
 +|registration number|means 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 number|means ​the Value Added Tax registration number ​provided ​by SARS upon successful registration ​for Value Added Tax.| 
 +|system administrator|means the person(s) who will be submitting the debit order transactions to the system and who requires a login.| 
 +|full names|mean all of your names listed on your identification card as well as your surname.|
  
-==== Mandates ​====+===== Electronic Service Limits ​===== 
 +|< 100% 50% 50%>| 
 +^Term^Definition^ 
 +|aggregate limit - debits|mean 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 - debits|mean the highest amount you want to collect from one client via the EFT debit order system.| 
 +|aggregate limit - NAEDO|means 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 - NAEDO|means the highest amount you want to collect from one client via the NAEDO debit order system.| 
 +|aggregate limit - cards|mean 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 - cards|mean 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 - credits|mean 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 - credits|mean 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.|
  
-=== paper mandates ​=== +===== Electronic Services ===== 
-is a debit order authorisation form signed in pen and inkThe Payments Association ​of South Africa prescribes ​the minimum wording ​for such a mandate that can be obtained from the debit order provider.+|< 100% 50% 50%>| 
 +^Term^Definition^ 
 +|two day service debits|means 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 acceptedFor 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 debits|means 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 collections|means ​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 credits|means 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 credits|means 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 service|is 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 =====
 +|< 100% 50% 50%>|
 +^Term^Definition^
 +|action dates|mean 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.|
  
-=== voice mandates ​=== +===== Charges Account ===== 
-is 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.+|< 100% 50% 50%>| 
 +^Term^Definition^ 
 +|charges account|is the account where your fees for the services will be debited ​from.|
  
-=== electronic mandates ​=== +===== Nominated Account ===== 
-is 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.+|< 100% 50% 50%>| 
 +^Term^Definition^ 
 +|nominated account|is 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 ===== 
 +|< 100% 50% 50%>| 
 +^Term^Definition^ 
 +|paper debit order mandates|is 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 mandates|is 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 mandates|is 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.1504260661.txt.gz · Last modified: 2017/09/01 10:11 by Schuzelle van Wyk