Debit Order Collections
Thrivepay can assist you in automating your collections whilst lowering your costs.
Automated colletions for you
Cash serves as the lifeblood that enables a business to not only survive but also thrive, making it a pivotal indicator of a business’s overall health. Hence, it becomes imperative to meticulously monitor and manage the inflow of cash into the enterprise. Efficient debtor payment mechanisms, such as debit orders, play a crucial role in the cash flow and debtor management cycle. Given the significance of this aspect, embracing payment via debit orders, especially when extending credit terms to clients, is highly recommended.
Thrivepay, a leading provider in this domain, offers an exceptionally secure and cost-effective debit order collection system. Through exclusive access-controlled authorization levels, users can easily sign in and upload debtor account files. This streamlined process allows for seamless debit order processing against a wide range of South African bank accounts, encompassing current, cheque, savings, and transmission accounts. To ensure accuracy during data entry before submitting transactions to the bank, Thrivepay’s automatic CDV (check-digit verification) system diligently pre-validates bank accounts against the bank and branch validations. This foresight significantly reduces the occurrence of returned or rejected transactions, consequently mitigating related costs. As an added benefit, comprehensive batch reports are provided, enabling efficient management and measurement of both successful and returned debit orders.
Attention to detail
For utmost convenience, Thrivepay offers multiple settlement options, granting clients the flexibility to choose as per their preference. Alternatively, clients have the option to run the system using their own accounts, further streamlining their financial operations.
Understanding the importance of adhering to legal regulations, Thrivepay extends support to new clients in obtaining the necessary customer mandates, ensuring that all debit order payments are duly authorized in compliance with the law.
A central objective of Thrivepay’s suite of products is the reduction of operational costs and the enhancement of the entire credit cycle’s effectiveness. To achieve this, Thrivepay’s team of seasoned credit consultants meticulously analyze returned debit order files, empowering clients with strategic insights to effectively address distinct debtor categories and minimize disruptions in cash flow.
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What is a Debit Order?
A debit order is a commitment between you and a third party to take an agreed amount of money out of your bank account every month to pay for a service or to repay a loan. … As you decide on the date your debit order will go off, it can ensure that your financial priorities are paid first and soon after payday.
What is the difference between Debit Order and stop order?
In simpler terms a stop order or scheduled payment is an instruction that you issue to your bank to make a series of future dated recurring payments, whereas a debit order is an instruction that you provide to a third party to pull the funds from your bank account.
How do I stop a Debit Order?
You may also stop a future debit order payment for a given period by requesting that your bank places a stop payment instruction on your account. Your bank will advise you regarding the period for which the stop payment instruction will be effective, and how it operates.
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Contact us today for a consultation if you need any assistance with debit orders, eCommerce solutions, CRM systems, payment integrations, or custom development
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