If you are setting up a new direct debit mandate, your client will need to accept this within the client portal.
Where you are setting up a new regular direct debit collection, you will need to ensure the 'pay in' application has been submitted 4 working day prior to the collection date of 7th, 14th, 21st or 28th, otherwise the payment will be collected the following month.
Also, if the client doesn't accept the direct debit mandate within the 5 working days, the payment will be collected 5 working days after the original collection date.
Setting up a new mandate and instructing single direct debit instructions
- T+0 - DDM accepted and single payment keyed
- T+2 - DDM confirmation received by client bank
- T+5 - Collection request sent to the bank
- T+8 - Money leaves client account
- T+9 - Money gets credited to the client's account
Instructing a single direct debit (with a live direct debit mandate)
- T+0 - Single payment keyed
- T+2 - DDM confirmation received by client bank
- T+3 – Funds collected from bank account
- T+4 - Money gets credited to the client's account
Regular direct debit
- DDM accepted & recurring payment keyed. The recurring payment day needs to be set up 3 days in advance of the chosen collection date, before 7am, otherwise the collection will commence the following month.
- 3 days prior to the collection date, transactions are created in the platform.
- Chosen collection date, money leaves the client’s account.
- The next working day after the payment is collected – the funds are applied to the client’s account.