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Documentation

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It is Netcash policy that all superusers on a Netcash merchant account must be the director of the client company, as this is the individual who is ultimately accountable for the affairs of its business. Should the client company however wish to nominate and appoint another individual in the client company as superuser, for logistical or other reasons, Netcash may agree under exceptional circumstances and would require additional documentation.

It is possible that your Netcash account reflects a negative balance for one a number of reasons. In this event, you will be charged interest on the negative balance.

Contact Netcash for more specific details.

If the account to which the funds are being transferred is an FNB account, they will be available before midnight on the day of transfer. In practice the funds are usually available during the course of the afternoon on the day of transfer.

For all other banks, funds will be available in your account the following day but will reflect for value as at the date of transfer.

Retention amounts are not paid out to the merchant bank account. Any remaining amount is released to your Netcash account to form part of the available balance. The balance of any surety and unpaid retention becomes available 22 working days after the action date of the batch.

This is the amount being retained from the batch value to cover returned transactions. The percentage is calculated on the average returns on batches for the past 6 months. If the value of the unpaid transactions in a batch is lower than the amount being retained, any remaining balance will become part of the available balance after 22 working days. However, if the total of the unpaid transactions is higher than this percentage then, as mentioned above, the extra unpaid value will be refunded out of the 10 percent surety retention. Since we have no transaction history on the first batch, the unpaid retention for this first batch will be applied at 10 percent. Thereafter the retention will be based on the calculated unpaid history on the account.

This is the amount being retained as surety to be provided to the banks against the value of your batch. Surety, in effect, is a minimum liquidity level that we must provide to our bankers in order to be able to process debit orders. It is also used as additional cover for late returned transactions not provided for in your unpaid retention.

Surety retention is calculated as 10 percent of the debit order batch where the legal entity is a company or close corporation. Where the legal entity is a sole proprietor, the 10 percent surety will not apply.  Because of the potentially higher risk associated with recovering funds from sole proprietors, Netcash will retain 100 percent of the value of any batch processed which will be released to form part of the available balance after 22 working days.

 

This is dependent entirely on how quickly the regulators complete their part of the process. However, we normally begin our follow up 72 hours after submission of the documentation. That be said, the timeline for completion is entirely in the hands of the regulators.

Whenever a debit order batch is processed, Netcash is exposed to risk because of the possibility of unpaid debit orders being returned days, sometimes weeks, after the funds have been remitted to our merchant. Unlike a bank which does a detailed financial analysis to determine a potential client’s creditworthiness, Netcash opens accounts based on information provided at the time of application. Given that we are not experts in the area, we are unable to determine a business’s underlying fundamentals and, to that end, mitigate our risk exposure by requiring that personal surety be signed.

Netcash accepts VISA and Mastercard as a default. While it is possible to allow Amex and Diners Club transactions, activation will only be considered on application.

The following is taken directly from PASA’s FAQ

3D Secure, also known as Verified by Visa, MasterCard SecureCode or Amex Safekey, is a method of authentication security, which was developed by the Card Schemes to enhance the security of online transactions for all cardholders. It allows only the cardholder to use the card when shopping online.

The three domains referred to in “3D” Secure consist of the cardholder to issuer domain, the merchant to acquiring bank domain and the interbank domain.

Very simply, the system authenticates the cardholder before any transaction can take place, by diverting the cardholder to the browser of the bank that issued the card. The bank then requests a password or One Time Password/PIN (OTP), from the cardholder, which is typically sent to their mobile phones, which will prove that the person undertaking the online transaction is the authenticated cardholder and therefore entitled to use the card.

Because of the risk associated with online credit card transactions, Netcash insists on the implementation of 3D Secure in order to mitigate that risk.

https://help.netcash.co.za/docs/account-profile-2/service-profiles/salary-payments/

There is no limit to the number of authorisers you can have. You need to contact Netcash in order to set this up.

Sameday – before 13h00 on the day the batch is to be processed

Dated – before 13h00 on the day prior to the day the batch is to processed

Cut-off time:

Sameday – before 13h00 on the day the batch is to be processed

Dated – before 13h00 on the day prior to the day the batch is to processed

 

Payment:

Sameday – FNB receive payment on the day the batch is processed. All other banks receive payment the following day.

Dated – All banks receive payment on the day the batch is processed regardless of bank

This is system generated GUID/ token used to identify Netcash services with integrated software.

Each Netcash service key has its own Service key which the Netcash user generates via their Netcash account. The Service key has variables/parameters assigned. An account will be issued a separate Service key for each service activated on the account. The Service key prevents unauthorised access, identifies the account and the service to which the action applies.

Sameday – Before 13h00 on the day the batch is to be processed

Dated – Before 13h00 on the day prior to the day the batch is to processed

Cut-off time:

Sameday – before 13h00 on the day the batch is to be processed
Dated – before 13h00 on the day prior to the day the batch is to processed

Payment:

Sameday – FNB receive payment on the day the batch is processed. All other banks receive payment the following day.
Dated – All banks receive payment on the day the batch is processed regardless of bank