EFT Debits (Normal Debit Orders)
EFT Debits, previously known as Magtape debits or ACB, allows a business or organisation to debit the account of their client in order to fulfil the obligations of an underlying agreement. The client supplies a mandate (which can be paper based or voice recorded) which authorised the EFT Debit Order User to process the debit against the client's bank account.
Intecon provides an advanced EFT Debit Order solution which enables businesses or organisations to load all EFT Debits on a once-off basis and Intecon will present the EFT Debit Order for processing once it becomes due. A number of companies have experienced significant losses due to debit orders not being submitted because the responsible individual is either on unscheduled leave or ill. Our system minimises the risk of these potential losses. Further, we alleviate the burden of having to submit all debit orders on a weekly or monthly basis. Businesses can update the presentment schedule after the initial creation. Should a business or organisation prefer to load a single deduction on a weekly or monthly basis for processing; the ability to do so is also supported for this payment stream.
EFT is a cost effective solution and should be implemented in environments where the presentment of deductions is not time sensitive (required to be presented early in the morning). EFT Debits are processed in the evening.
Intecon provides access to a service that gives the business or organisation the ability to verify the bank account details prior to loading the payment instruction. Bank account details obtained through a call centre or agent can be verified prior to parting with funds, goods or services and this vastly reduces the risk associated with these types of transactions. This services is called Account Verification Services (AVS)
The maximum item limit supported by Intecon for this payment system is R50 000.00 per instalment.
The following businesses are typical Users of EFT Debits
(but not limited to):
- Credit Providers (Call Centres, Internet Loans etc.)
- Companies offering Hire Purchase Agreements
- Insurance Companies
- Ongoing subscription services
- Professional Services
- Mobile phone companies
- Letting agents / agencies