DIRECT DEBIT system
The Direct Debit System (DDS) boosts transparency, reduces paperwork, nearly eliminates cheques for instalments upon obtaining a loan/finance and saves time as well as enhances operational efficiency for all our customers.
Direct Debit is a secure and convenient method of making payments and is ideally suited for regular automated payments with fixed or variable amounts such as mortgage or loan repayments, credit card re-payments, utility bills, insurance payments and subscriptions. The Direct Debit facility collects recurring payments from a payer’s account on a periodic basis.
The key benefits are:
- Secure and one time set up.
- Mandate driven.
- Lower cost with greater convenience.
- No concerns about remembering to pay at the right time. The only thing you need to remember is to ensure there are sufficient funds in the account to cover the payment.
- No hassle of managing post-dated cheques.
- No queuing at payment offices, banks, exchange houses to make payments.
- Substantial reduction in cost collection, which benefits both payers and receivers.
- It is automated and there is no need for manual tracking to meet payment deadlines.
- Eliminates need for paper based payment instructions for recurring payments.