Verify the ownership of a customer’s account
November 3, 2022
Retaining customers by taking the pain out of billing and payments
June 12, 2023An advanced debit order service is now available to Netcash customers – DebiCheck Debit orders, a system that protects both parties involved in the transaction.
DebiCheck is a secure debit order system requiring the bank account holder to give specific electronic permission (via their bank) once-off at the start of a new contract, prior to any debit order being processed. DebiCheck replaces both AEDO (Authenticated Early Debit Order) and NAEDO (Non-Authenticated Early Debit Order) transactions.
You can debit a bank account confidently as specific consent is received via the account holders bank and the likelihood of transactions being disputed is drastically reduced. Bank account holders have the comfort of knowing that the debit order can only be processed within the terms as agreed by them.
DebiCheck does not replace Same-day and Dated debit orders but can be used as an alternative.
What is the difference between DebiCheck debit orders and other debit orders?
With DebiCheck debit orders, bank account holders will need to confirm debit orders electronically and on a once-off basis. The intention is for customers to confirm the details of the debit order with their bank before it is processed to their account. |Standard debit orders do not require electronic confirmation and rely solely on a signed or voice recorded mandate.
WHAT ARE THE BENEFITS OF DEBICHECK DEBIT ORDERS?
Reduced dispute rate
Significantly reduce debit order disputes with DebiCheck’s initial authentication of mandates, making unauthorised disputes much less likely.
Eliminate consumer abuse
Clients returning debit orders to boost their cashflow will be drastically reduced.
Tracking
Should funds not be available when the debit order is presented, banks will keep checking the account for available funds for the tracking period specified which will improve your collection rate.
How does DebiCheck work on Netcash?
Netcash clients have 3 options for submitting authentications:
- Capture/ upload Electronic Mandates that include requests for authentication or
- Capture DebiCheck authentication details manually in your Netcash account or
- Upload DebiCheck authentication requests
Netcash
- Submits authentication requests to account holder’s bank
- Confirms authentication results
- Automatically updates Masterfile with debit order detail
Account holders’ bank
- Authenticates DebiCheck request by various electronic channels available to the account holder. Methods may include banking Apps, USSD, ATM or branch.
- Communicates results to Netcash
Account holder
- Receives authentication request
- Verifies amount, date, and terms of the debit order
- Accepts or declines the request
Settlement
- Successful collections will be credited to your Netcash account once payment is received from the account holder’s bank
- Bank accounts can be tracked for up to 10 days
- After the tracking period has expired, unsuccessful transactions with zero values will be processed to the Netcash account for ease of reconciliation
Optimise your payment collections with DebiCheck’s electronic authentication process, ensuring higher success rates and minimal disputes. Get started with Netcash today!
