Paysoft requires the following documents to initiate an application process. 

  • User Pre-Screening Assessment form – attached  (Please type in the information)
    • Form needs to be completed, initialed and signed where indicated by all directors
    • Documents to accompany the request is set out on page 3
  • Notes / Guidelines
    • Status of company should be in a “in business status”
    • Proof of address – Rental invoice, or utility bill not older than 3 months. Lease agreement – look out for expiry date
    • Point number 7 refers to clients that previously ran debit orders with another service provider. – we would require 5 copies of signed mandates for ABSA banked clients and Page 2 needs to be completed with the details. If the client does not have ABSA banked clients,  he needs to submit 5 signed mandates for other banked clients only (information should not be completed on the form). If the client is new to collections, we would require a copy of the sample mandate the client intend using when signing up their respective customers.
  • Signed debit order abuse letter – attached (Debit order abuse letter also sets out requirements for the acceptable mandate that needs to be signed by your clients confirming the debit order instruction)
      • Form needs to be completed,  initialed and signed where indicated by the directors and a witness as well

  •  

    Total number of debit orders per month and the rand value associated. This is needed for the surety calculation which is 10% of the total monthly collection for the duration of the Collection Facility. Should the facility be terminated, Paysoft will hold the surety for 90 days to cover any disputes received and pay out accordingly

     

    The application email to Paysoft should include the both the monthly and item (per transaction) Limit.

     

    Debit Order Payout Terms :

    o   1st  payment after 5 business days of 90% of the collected funds

    o   2nd payments after 21 business days of the remaining funds nett of unpaids and disputes

     

    Compliance checking process is completed by Paysoft and the application pack is sent through to the bank. The Banks ETA for compliance checking is 3-6 weeks and an outcome is communicated to Peach Payments. Peach Payments creates the profile and pays over the surety. Once received Paysoft updates the limits and processing details which activates the profile.   

     

    It is important to unpack the following when discussing the debit order product offering / closing the sale:


  • Sales to Provide input on the following:

    • Nature of business,
    • What will the collection service be used for
    • Flow of funds
    • Surety Percentage
  • Documents to accompany the request:
    • Copy of Director/s ID's
    • Proof of business address
    • 3(Three) month bank statements where collected funds can be credited to
    • Latest CIPC and copies of registration documents
    • Certificate copies of regulated industries (NCR,FSCA etc.)
    • PSSF registration if applicable
    • Five mandates of existing clients
    • Brochure or marketing material of your product / service