What is Surety?
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 in order to increase the monthly facility.
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 or may foresee the need to increase due to customer growth or Debit Order amount increase.
A request to increase the facility can be sent to support@peachpayents.com
A surety invoice is generated for payment. Please do provide Proof of Payment once done.
Once the payment is reflected, the increase will be actioned and you will be notified once done.
We encourage merchants to :
- Keep track of the estimated increase in debit order volume, month to month.
- Contact Peach immediately if it is determined that the total collection will exceed the previous collection month.
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 a new batch (with increased volume) is processed