The process for your debit order setup is as follows:
- Provide documents attached (outlined below)
- Bank approval and registration of abbreviated name with the bank
- Settle Surety Invoice for 10% of total Expected Debit Order value for the month for once the funds received we can activate your account.
This process usually takes 10 working days after you have provided us with the below.
Documents to be completed
- Application form for Debit Orders - For the abbreviated name - this will be seen on the DO clients bank statement each month when the money is deducted (received);
- DO Abuse letter - This is merely an acknowledgment of PASA clearing rules for both the NAEDO and EFT PCH payment streams;
- Sample order mandate - Only if you are already processing debit orders, please provide me with a (see a sample attached); and
- Your expected monthly volume - Once confirmed, we will generate an invoice for the surety. It would be good to confirm this in the early stages of the application.