A direct debit mandate is an agreement or authorization that an individual or a company grants to another party to withdraw funds directly from their bank account or credit card. This tool is commonly used to pay for recurring services or monthly installments for loans, subscriptions, bills, and other fixed expenses. Let’s delve into what a direct debit mandate is and how it works.
ššØš° š šš¢š«ššš šššš¢š ššš§šššš šŖšØš«š¤š¬:
1. šš®šš”šØš«š¢š³ššš¢šØš§: To initiate a direct debit mandate, the beneficiary (the recipient of funds) requests the payer (the user) to provide consent for debiting payments directly from their bank account or credit card.
2. šššš šš«šØšÆš¢š¬š¢šØš§: The user provides details of their bank account or credit card, including the account number, routing number, or credit card information, as well as the amount to be debited periodically.
3. š š«ššŖš®šš§šš²: The direct debit mandate can be set up to debit the specified amount at certain time intervals, such as monthly or annually. The user can also specify the duration of the mandate.
4. šš±ššš®šš¢šØš§: Once the direct debit mandate is established, the beneficiary can automatically debit the authorized amount from the user’s bank account or credit card at predetermined times.
ššš§ššš¢šš¬ šØš š šš¢š«ššš šššš¢š ššš§šššš:
– šš®ššØš¦ššš¢šØš§: Eliminates the need for manual payments, making it convenient for individuals and businesses to manage their finances.
– šššš®ššš¢šØš§ šØš ššš„šš²š¬: Helps avoid payment delays by ensuring that deadlines are consistently met.
– šš¢š¦š šš§š ššššØš«š šššÆš¢š§š š¬: Reduces the time and effort required to manage and monitor periodic payments.
In conclusion, RoxPay has developed an API service that leverages this method, offering enhanced efficiency and convenience for recurring payments. Try it ! š
API: https://lnkd.in/dbUdzaQU