DebiCheck
DebiCheck offers a secure debit order collection system for mandated debits specifically authorised by account holders and provides for early debits with priority over others. This product includes an electronic mandate agreement facilitation between client and bank. Currently, the collections are processed through South African bank accounts held by an individual – current, cheque, savings, or transmission.
How does the product work?
Clients register collection mandates through the Paysoft system. Paysoft then submits these transactions to the account holder’s bank. The bank requests an acceptance and authorisation to debit the account from the account holder. Once account holders have authorised debits, Paysoft can continue to collect debits on behalf of the client.
The account holder can authenticate the DebiCheck debit order via various authentication channels (depending on the debtor bank): USSD on their cell phones, online banking, banking app, at the branch, via telephone or at an ATM.
Product features
Product benefits