If a Merchant contacts us to update their settlement bank details, the below steps need to be taken by the Merchant Support Team:

NB: All bank account update requests must come via a ticket, no updates to bank details can be done telephonically.

AGGREGATION

  • For any changes requested to update bank account details the merchant will need to provide an official banking confirmation letter not older than 3 months from the time of the request.
  • Verification Process - The Merchant Support Agent who is assigned the ticket for the request must call the Merchant and ask a secondary individual to confirm, via telephone, the last 4 digits of the new account number. Preferably a staff member within the company's Finance Department.
  • The Agent will then confirm in a note on the ticket, who they spoke to at the company and that the last 4 digits were verified and confirmed.
    The Agent will also need to confirm with the relevant parties if the changes are applicable for Settlement and Billing purposes.

    If the merchant wishes to keep the existing banking information we have on record for Billing purposes no updated debit order mandate is required. However, we would need to update console Billing information section as well as activate the toggle for Direct Debit Order



    Upon receival of the new and updated business banking confirmation letter the following checks need to be done:

    New banking details need to FICA verified- this means that the existing FICA will have needed to be Risk Approved during the Onboarding process.

    If the merchant is requesting changes of banking information and the merchant application is yet to be Risk approved during the Onboarding phase - the request will be forwarded to the Onboarding team to factor the changes into their process in order for the new banking account information and FICA approval.

    You should be able to identify which phase the merchant application is at in Pipefy and you are able to reach out to the onboarder in BizOps @obops where you may share the ticket for the request.

    1. Ensure the banking confirmation letter is an official and valid dated not older than 3 months is for the current legal entity and registered company on Peach record. We cannot accept a bank letter where the date has surpassed the requirement or part is cut off.

    On review of the bank letter and merchant business information i.e Legal Entity (Account Holder) and Company Registration needs to be a match (Console Data) to the business information on record to effect a straight change for the Console to be updated.

    If all is a match this would be a straight change and update in the console.

    Follow these steps:


    4.1) console settlement information update - account holder is the Legal Entity on record

    4.2) Bank Account number copied from bank letter

    4.3) universal branch code added for merchants issuing bank

    4.4) If applicable for Billing duplicate and add updated bank account information in Billing Account Information section too

    Please use this list as your guide we only require the banking branch code and not the bank name - please only enter the branch code in your input

    Absa 632005

    African Bank 430000

    Bidvest 462005

    Capitec 470010

    Discovery 679000

    FNB 250655

    Investec 580105

    Mercantile 450105

    Nedbank 198765

    Old Mutual 462005

    RMB Bank 222026

    SASFIN 683000

    SA Post Office 460005

    Standard Bank 051001

    TYME Bank 678910

    Please use Google if you need to check for any universal branch code for a bank not included on this list


    4.5) Finance notification to Noluthando in Slack Settlement Queries channel - please include the merchant ID from Console for the account you have made the changes for.

    4.5) New debit order mandate for Billing to be created for official use , merchant to sign and return for our records

    If the merchant is changing settlement information only - This means that the existing Debit Order information will remain current.

    In the event where the details provided on the banking confirmation letter does not correspond to the current merchant account information on record - in Console e.g. A different registered company or entity is identified upon reviewal,

    An Add-on needs to be processed for Risk Approval in order to support the changes

    Add-ons are facilitated by Chuma (Onboarding and Ops Specialist) Add-ons group in Freshdesk- Please notify Chuma in the ticket and via slack that there is a possible change of legal entity and company registration.


    The process for Aggregation is COMPLETE


    ISO/ENT

    All bank account changes and changes to Legal Entity and business information for ISO merchants for Card settlement will be processed by the Acquirer - Nedbank, Absa, FNB, I & M Bank (Kenya), MCB Bank (Mauritius)

    In this instance it is possible that the Acquirer might request updated FICA for the new business information or ask that we send out relevant forms provided by them to the merchant to complete the request. 

    You may use this solutions article as a guide to which documents are required for merchant FICA https://support.peachpayments.com/a/solutions/articles/47001250808

    Bare in mind that the bank account change for settlement would pertain to card payment method only for SA accounts.

    For International accounts we would also need to reach out to the Acquirer / relevant parties to facilitate the changes.

    An ISO merchant is eligible to have the card payment method with the Acquiring directly and other products Aggregated eg, EFT Secure, Capitec Pay Aggregation, Payflex Aggregation.

    We foresee all Payment methods apart from card being aggregated down the line

    These instances or and cases you will be able to acknowledge by identifying the clearing institute in Console.

    This means that all card transactions settled by Acquirer and;

    All Aggregated Payment methods settled by Peach - Aggregation bank account change process will apply as per above

    Bank account changes with the Acquirer (ISO/ENT) for Card Payment facility - Settlements

    1. Merchant Request via Freshdesk / Pipefy email

    2. MS Support verification process
    i) The contact requesting the changes of banking information needs to be of authorized persons of the merchant account
    ii) Attain relevant documentation - official business banking confirmation letter - not older than 3 months and supporting docs
    iii) Call a second individual to verify the last 4 digits of the new bank account number     ( a staff member within the company's Finance Department.)
    iiii) Confirmation of call details added in ticket notes (changes applicable for settlement & billing)

    If the merchant wishes to change the account for Billing we will need to create a debit Order Mandate representing the new Billing bank account details as per updated bank account letter received.

    We will then be required to add the new Billing banking information in the Billing information section in Console upon receiving the signed debit order mandate agreement-

    If the merchant wishes to change the bank account for settlement with the Acquirer ONLY we will leave the current Billing details as is and the existing Debit Order Mandate we have on record will apply

    Once we have verified the banking details and obtained the valid bank confirmation letter
    We will reach out to the our contact at the bank to advise the merchant has requested the change of bank account for settlement

    For Nedbank

    - send the request to     claytonp@nedbank.co.za include the following;
    i) Merchant Trading Name
    ii) Merchant Legal Entity Name
    iii) Nedbank Merchant ID
    iiii) Supporting documents

    Absa

    ABSA Merchant Acquiring -     Lizelle.Erasmus@absa.africa
    i) Merchant Trading Name
    ii) Merchant Legal Entity Name
    iii) Absa Merchant ID
    iiii) Supporting documents

    FNB

    spswitch@fnb.co.za | CC     liana.zaswiegers@fnb.co.za
    cfisher@fnb.co.za

    i) Merchant Trading Name
    ii) Merchant Legal Entity Name
    iii) FNB Merchant ID
    iiii) Supporting documents

    Once the Acquirer confirms the changes have been completed from their side we can confirm with the merchant that the request has been completed

    Key takeaways:

    All banking account changes constitute a new Debit Order Mandate it is imperative that this is done when the changes  have been actioned in the Console (for straight changes where the information is current in Console and bank letter received)

    In Add-on process a new contract is created to support the legal entity change - this includes the Debit Order Mandate which is handled by Chuma

    All Aggregation merchants fees are debited by Debit Order, (Appendix A; Page 14 in Agg contract/ISO contract has more pages up to 25 its usually on the last few pages of ISO contract)

    For ISO merchants (there are only a few select merchants who get to pay their fees via eft which is by the approval of Paxton only) When creating a new Debit Order Mandate we can use the existing contract to duplicate the current merchant information and change the account holder and account number fields.

    ** If you are uncertain or weary on how to do this please reach out in BizOps/FinOps teams so we can assist and guide you.

    A template of the blank Debit Order Mandate is attached in this article - please download and save a copy to your drive for your continuous use. The merchant will need to sign and return the debit order mandate back to us for our records in the event of non-payment of fees we require the signed document on record.

    We have seen special cases where the registered company has two active directors (upon investigation using Bizportal)
    For Registered company's i.e Pty Ltd we prefer the bank confirmation letter to be in the name of the business, in a case where one of the directors wants funds settled to their personal account , a letter of authorization for us to settle funds to the personal bank account is crucial. - Please reach out to Onboarding/Bizops/Risk to provide the guidance and approval in a case like this.

    For changes to business type eg. A sole proprietor to a Registered Company and Add-on needs to be processed and supporting documentation will need to be collected from the merchant for Risk approval - this is handled by Chuma

    NB** All updated documents to be filed in drive accordingly upon receival for official use

    Upon the changes please notify the #finance #settlement queries channel of your changes so they are able to amend or verify their banking verification data/information.