The debit order collection facility enables companies to process debit orders against bank and credit card accounts. In order to manage a successful debit order product the following is supplied.
- Create Batch Interface - This allows companies to create their debit order batch
- Batch Release Screen - Once a debit order batch has been created it needs to be released for processing. Companies can create user rights allowing one user to create the batch and another to release
- Reporting - It is important to note that once the debit order processing is complete, Rejected Debits (RD's) can be returned up to four working days after the action date.
Same Day Value (SDV)
The Same Day Value service provides the ability to submit and deduct a direct debit on the same day. Debit Order Batches must be received by MyGate no later than 11:00am of the action date. The debit will appear on the client's account on the day after the action date, but will be effective the from action date.
Two Day Value (TDV)
The Two Day Value service requires debit order batches to be received by MyGate two full business working days prior to the action date. The debit order batch must be received by MyGate no later than 11:00am.