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list_of_contract_definitions [2019/03/07 12:41]
Schuzelle van Wyk
list_of_contract_definitions [2019/05/17 09:40] (current)
Schuzelle van Wyk [List of contract definitions]
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-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]]+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.
  
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 +==========
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 =====Contact information===== =====Contact information=====
 |< 100% 50% 50%>| |< 100% 50% 50%>|
-^Type^Description^+^Item^Description^
 |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.| |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 - general comms|means the email at the business where general communication can be sent to.|
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 ===== Electronic Service Limits ===== ===== Electronic Service Limits =====
 |< 100% 50% 50%>| |< 100% 50% 50%>|
-^Type^Description^+^Item^Description^
 |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.| ​ |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.| |item limit - debits|mean the highest amount you want to collect from one client via the EFT debit order system.|
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 ===== Electronic Services ===== ===== Electronic Services =====
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-^Type^Description^+^Item^Description^
 |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.| |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.| |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.|+|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.| ​ |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.| |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.|
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 ===== Action dates ===== ===== Action dates =====
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-^Type^Description^+^Item^Description^
 |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.| |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 =====
 |< 100% 50% 50%>| |< 100% 50% 50%>|
-^Type^Description^+^Item^Description^
 |charges account|is the account where your fees for the services will be debited from.| |charges account|is the account where your fees for the services will be debited from.|
  
 ===== Nominated Account ===== ===== Nominated Account =====
 |< 100% 50% 50%>| |< 100% 50% 50%>|
-^Type^Description^+^Item^Description^
 |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.| |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 ===== ===== Mandates =====
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-^Type^Description^ +^Item^Description^ 
-|paper 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.| +|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 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.| +|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 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.|+|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.1551962468.txt.gz · Last modified: 2019/03/07 12:41 by Schuzelle van Wyk