With DirectDebit e-Mandate, collecting recurring payments is now faster, cheaper and far more efficient. It can also be done for varying amounts, thus suitable for recurring payments such as insurance, utilities and large regular payments.
Have you come across the term e-mandate and wonder what it means? Well, e-Mandate is a financial technology by Paynet, also known as DirectDebit. A normal Mandate means that a customer authorizes permission to deduct recurring payments from his/her account, by filling in some paper forms. With e-Mandate, customers can authorize auto deductions to their account by filling in an online form.
Here’s how DirectDebit e-Mandate works:
- E-Mandate Sign Up – customers fill in the online form to authorize payment collection by the merchant when it’s due. This can be done in an instant and approval is 100%.
- Automated Payment Collection – as agreed on the duration amount and time, the payment will be deducted from the customer’s account to be paid to the merchant.
- Update – Merchants can update the duration and amount of the DirectDebit with the approval of customers, and customers can also be given the choice to update their subscription.
- Terminate – Both merchants or customers can terminate the recurring mandate online.
If you’d like to apply for DirectDebit e-Mandate for your business, drop us an email at firstname.lastname@example.org