Rather than push a payment yourself by going onto your banking app or website and making an EFT, it is possible to set up an automatic debit from your account in a specific amount each month to someone.
This is commonly referred to a Debit Order.
Normally, these are used to pay regular expenses and debt such as your rent or even your debt review payment.
DebiCheck is a secure debit order payment system that allows you to electronically approve a new debit orders details.
This will prevent fraudulent debit orders from being processed on your account without you knowing, giving you more control over your finances.
It is also a way for those being paid to ensure that you know about and agree with the payments.
It was hoped that this would cut down on the amount of people who query a payment (ask for the money back) when it is for a legitimate debt or expense. Because consumers have ample time and information when they get notified about a new debit order, the idea was that then it would be harder for people to say, they never knew about the debit order and want the money back (which costs the other party/people processing the payments).
‘Unfortunately, disputes on payments are still common and there have been some loopholes’
Unfortunately, disputes on payments are still common and there have been some loopholes. One such loophole has to do with when the payment should happen on a non bank day like a public holiday or Sunday.