Debit Orders

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A debit order is a facility whereby a third party can collect money electronically from their client’s bank account without it being necessary to do anything other than obtain from the client a written, telephonic or electronic mandate to do so.

Debit orders are payment instructions typically used for the monthly collection of premiums on insurance policies, subscriptions, memberships, school fees etc.

A debit order is not the same as a stop order. A stop order is an instruction issued to a bank to make a series of future dated recurring payments, whereas a debit order is an instruction provided to a third party. In the case of a debit order the 3rd party controls the transaction whereas with a stop order, the account holder does.

Netcash currently offers 2 service types to their clients. Standard debit orders include 2 day debits and Sameday debits (The name of the service refers to the lead time required to submit transactions to the system).

Two day debit orders

A Two Day Debit is a standard debit order which can be processed on weekdays (from Monday to Friday), public holidays are excluded. Funds will be released on the day that the debits orders are processed. This includes bank accounts as well as credit cards (MasterCard and Visa only). Credit card transactions are PCI compliant.

Sameday debit orders

This is a premium service which allows debits to still be processed on the Sameday the batch is authorized, from Monday to Saturday excluding public holidays. Funds will be released on the first working day after the debits are processed and include bank accounts as well as credit cards (MasterCard and Visa only).

Please note that the service is called Sameday because the debit orders can still be processed on the Sameday on which the batch is authorized. It does NOT mean that funds will be received on the Sameday. As mentioned, batch proceeds will only be released for a Sameday batch on the first working day after the batch has been run.

Cut off times for Debit order batches are as follows:

	2 Day debits	Sameday service
Recommended for:	Recurring monthly debits.	Once-off or late debit runs.
Cut-off time:	By 12 midnight 2 working days before action date.	By 11am on action date and by 12 midnight on a Friday for a Saturday action date.
Funds available in Netcash account:	On Action date.	One business day after action date.

Debit Orders

Two day debit orders

Sameday debit orders

Cut off times for Debit order batches are as follows:

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