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list_of_debit_order_definitions [2019/05/17 09:28]
Schuzelle van Wyk [List of debit order definitions]
list_of_debit_order_definitions [2019/07/02 09:47] (current)
Schuzelle van Wyk [Authenticated Collections]
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 ====== List of debit order definitions ====== ====== List of debit order definitions ======
  
 +The list of debit order definitions include [[https://​www.directdebit.co.za/​|EFT,​ NAEDO]] and Authenticated Collection ([[https://​www.directdebit.co.za/​debicheck|DebiCheck]]) payment stream definitions in order to get a better understanding of each payment stream.
  
- +If you have any queries regarding any of the terms please feel free to **[[[email protected]|contact]]** us or if you want to signup for our service do go to our [[https://​www.electronicmandate.com/​directdebit/​signup/​|online application]] page.
-The list of debit order definitions include EFT, NAEDO and Authenticated Collection (DebiCheck) payment stream definitions in order to get a better understanding of what each entails. +
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 ===== EFT Debits ===== ===== EFT Debits =====
  
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-Item ^ Definition ^ +Term ^ Definition ^ 
-|abbreviated name|means a mandatory field within the User reference field reflecting the User's trading name on their client'​s bank statement. This abbreviated name may not exceed the 10 character limit.| +|abbreviated name (short name)|means a mandatory field within the User reference field reflecting the user'​s ​legal entity name or trading ​as name on their client'​s bank statement. In layman terms this will be what the User's client will see on their bank statement as description (for example Direct Debit (Pty) Ltd's customer being debited will see DDEBIT). This abbreviated name may not exceed the 10 character limit.| 
-|account holder|shall refer to any legal person/legal entity to whom the User is paying funds to, or collecting funds from.|+|account holder| refer to any legal person/​entity to whom the user is paying funds to, or collecting funds from.|
 |action date|means the date on which the payment becomes effective; i.e. the date on which the banks pass the entry to the account/s of their clients. This usually means the day you would like to debit your client or have a credit run from your account.| |action date|means the date on which the payment becomes effective; i.e. the date on which the banks pass the entry to the account/s of their clients. This usually means the day you would like to debit your client or have a credit run from your account.|
-|aggregate value limit|means the maximum aggregate value of transactions processed by a user in any agreed period and is restricted to a limit which is fixed by negotiation between the user and his bank. This is usually the total amount collectively collected from your clients in one month or processed as a credit from your account.|+|aggregate value limit|means the maximum aggregate value of transactions processed by a user in any agreed period and is restricted to a limit which is fixed by negotiation between the User and his bank. This is usually the total amount collectively collected from your clients in one month or processed as a credit from your account.|
 |amended action date|means where the specified action date is not a valid business day,the effective action date will be amended to the first valid date for the EFT Service following the specified date.| |amended action date|means where the specified action date is not a valid business day,the effective action date will be amended to the first valid date for the EFT Service following the specified date.|
 |bank account|means an account held at one of the participating banks which can be debited or credited as a result of an EFT payment instruction.| |bank account|means an account held at one of the participating banks which can be debited or credited as a result of an EFT payment instruction.|
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-^Item   ^ Definition^ +^Term   ^ Definition^ 
-|abbreviated name     ​|means a mandatory field within the User reference field reflecting the User's trading name on their client'​s bank statement. This abbreviated name may not exceed the 10 character limit.|+|abbreviated name     ​|means a mandatory field within the User reference field reflecting the user'​s ​legal entity name or trading ​as name on their client'​s bank statement. In layman terms this will be what the User's client will see on their bank statement as description (for example Direct Debit (Pty) Ltd's customer being debited will see DDEBIT). This abbreviated name may not exceed the 10 character limit.|
 |account holder|means a person whose account is to be debited pursuant to a NAEDO presented to the account of the account holder.| |account holder|means a person whose account is to be debited pursuant to a NAEDO presented to the account of the account holder.|
 |action Date|is the earliest date when an obligation is due and that an Installment can be presented for collection.| |action Date|is the earliest date when an obligation is due and that an Installment can be presented for collection.|
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 ===== Authenticated Collections ===== ===== Authenticated Collections =====
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-^Item^ Definition^ +^Term^ Definition^ 
-|abbreviated name|means a mandatory field within the User reference field reflecting the User's trading name on their client'​s bank statement. This abbreviated name may not exceed the 10 character limit.|+|abbreviated name|means a mandatory field within the User reference field reflecting the user'​s ​legal entity name or trading ​as name on their client'​s bank statement. In layman terms this will be what the User's client will see on their bank statement as description (for example Direct Debit (Pty) Ltd's customer being debited will see DDEBIT). This abbreviated name may not exceed the 10 character limit.|
 |account holder|means a person whose account is to be debited pursuant to a NAEDO presented to the account of the account holder.| |account holder|means a person whose account is to be debited pursuant to a NAEDO presented to the account of the account holder.|
 |action date|is the earliest date when an obligation is due and that an Instalment can be presented for collection.| |action date|is the earliest date when an obligation is due and that an Instalment can be presented for collection.|
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-^Item^ Definition^+^Term^ Definition^
 |checking / verifying|This is when the bank’s system compares the debit order information that you confirmed at the start of your contract with the debit order information that they receive from the company.| |checking / verifying|This is when the bank’s system compares the debit order information that you confirmed at the start of your contract with the debit order information that they receive from the company.|
 |contract|A contract is the legal document that you sign with the company that you do business with.  It sets out certain rights and obligations for each party (yourself and the company) specifically regarding the service that the company provides or the goods that you buy.|  |contract|A contract is the legal document that you sign with the company that you do business with.  It sets out certain rights and obligations for each party (yourself and the company) specifically regarding the service that the company provides or the goods that you buy.| 
list_of_debit_order_definitions.1558085290.txt.gz · Last modified: 2019/05/17 09:28 by Schuzelle van Wyk