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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.