The process for your debit order setup is as follows:


1. Provide documents attached (outlined below)

2. Bank approval and registration of abbreviated name with the bank

3. Settle Surety Invoice for 10% of the total Expected Debit Order value for the month for once the funds are received we can activate your account.


The process can take up to 6 weeks for approval at the bank.


Documents to be completed


  • Application form for Debit Orders - For the abbreviated name - this will be seen on the Debit Order (DO) clients bank statement each month when the money is deducted (received);
  • User Pre-screening Assessment (including a list of supporting FICA)
    (see example form attached with comments)
  • Debit Order (DO) Abuse letter - This is merely an acknowledgment of Payments Association of South Africa (PASA) clearing rules for both the NAEDO (Non-authenticated early debit order) and EFT PCH (Payment Clearing House) payment streams;
  • 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.


*How does the Surety deposit for Debit Orders work?
Required by the bank is the security to cover in the event of returns or losses -


To process debit orders, it is required that we keep a Surety deposit from you. This Surety deposit will be requested from you in the onboarding process.


The deposit should be at least 10% of your monthly processing volume (in ZAR).


If your monthly debit order volume exceeds the allowed volume as per your surety deposit, your debit orders will fail.


If you expect this to happen, i.e. because your total volume has increased, please contact support@peachpayments.com, so we can assist you in topping up your Surety deposit.


Clients in the Insurance Industry needs to process their collections into their own account. We would need to move the client from a TPPP current model to System Operator Model.

To start the process the client would need to open a business account with ABSA and apply for an ACB limit (Debit Order Facility). Once the account is opened the following pre-screening process needs to be followed:

  • User Pre-Screening Assessment form – attached  (Please type in the information)
  • Form needs to be completed, initialed and signed where indicated
  • Documents to accompany the request as set out on page 3:
  1. Copy of directors IDs.
  2. Proof of business address.
  3. 3 (three) months bank statements where collected funds are currently being credited – I am assuming an FNB account
  4. ABSA bank confirmation letter once account is opened 
  5. Latest CIPC and copies of registration documents.
  6. Since the client is currently using debit orders through another service provider, I have highlighted on the attached form info that needs to be completed as well as copies of the mandates for 5 ABSA clients
  7. Brochure or marketing material of your product/service.
  8. Confirmation letter from underwriter
  9.  Signed debit order abuse letter

No surety is required as this will form part of the facility granted by ABSA.

 

Once the pre-screening process and ACB limits are approved by ABSA, our ABSA representative will engage with the client to complete the onboarding process by registering the clients own LD Codes and configure the account for debit orders.

Ready to get started ? Drop us a line here