Early Debit Orders (EDO)
EDO is an acronym for Early Debit Order. EDO is processed Early in the morning immediately after Banks have processed Salary Credits.
When the EARLY MORNING processing slot is compared to the traditional Debit Order processing slot; the early morning deductions are processed 16 hours earlier and this assists in optimising and increasing successful collection ratios..
- All EDO payment instructions are randomised which means that ALL EDO Users who have deductions "loaded" will have an equal opportunity to collect –Preferential Debits in the National Payment System were addressed through the introduction of SARB Directive 2 of 2006 where it was stated that all preferential practices had to be phased out by 31 December 2007.
- Tracking, being the ability to specify multiple deduction attempts per day and for consecutive calendar days up to 32 days is supported: this is a function not supported on ACB (EFT normal debit orders).
- EDO does NOT presume payment as with ACB (EFT normal debit orders) which allows Creditors to know who has paid and at the end of the tracking cycle and which deductions were not successful collected (unpaid).
The maximum item limit for this payment system is R30 000.00 per installment.