Surety explained
AMY FOUNDATION, CLIENT SINCE 2021
Everything you need to know.
SURETY IS IN PLACE FOR SECURITY
What is surety?
For your organisation to be able to collect debit orders, the bank requires a surety of %10 on your debit order facility.
Your debit order facility has a limit on the maximum value that you can process in a calendar month. The surety required will always be 10% of your total facility.
If you are new to debit orders for example, your facility can be set up with a limit of R5000.00. (R500 surety)
If you ned to increase your limit, then an increase in the surety amount will be required.
1. Upfront surety
Your organisation deposits %10 of the size of the facility that you wish to start with.
Should your revenue increase to a point that exceeds the facility, we will increase your limit and invoice for the corresponding surety amount.
2. Surety as a deduction
Should your organisation prefer to accumulate surety, surety can be accumulated as a deduction off of collections.
Each batch that is processed, %10 of your collections are deducted towards your surety amount until complete.
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