What is surety amount ?
Banks require merchants to keep a percentage of expected volume (Surety) for debit order processing. This is typically 10% of expected volume, but may be business case dependent.
This is kept by the bank until the debit order processing facility is closed. In the event that the volume increases, the bank will require this surety amount to be increased.
How do I increase it ?
You may receive a message to increase your surety amount, when trying to upload a debit order batch for processing.
This means you would need to increase your debit order surety amount with the bank.
We encourage merchants to :
- Keep track of estimated increase in debit order volume, month to month
- Contact Peach immediately it is determined that total collection will exceed the previous collection month
- Request an invoice from Peach payments finance team to make additional Surety payment
Please note :
- The bank will only process the debit order batch once the surety requirement is satisfied, based on the total value of the batch upload
- Surety invoice would need to be settled before new batch (with increased volume) is processed