Settlements into your account
There is an initial surety amount required when opening a Debit Order processing account which is 10% of the amount needed for the facility, (the monthly limit for processing Debit Orders). This can be increased on request.
This surety amount is held with the bank for as long as you are a processing merchant. At the time of canceling the service, this surety amount is returned to you.
The above surety is separate from the Debit Order batch retention percentage that is deducted from the total batch amount.
When a DO batch is submitted, 10% of the total is retained in case of disputes/fraud. On successful processing of the DO batch the retained amount is paid back to you, (after 22 business working days.)
- After 5 days: 90% of your successful debit orders is settled to your account
- After 22 days: 100% of your successful debit orders is settled to your account
- The fees are invoices monthly