Glossary
Contract
A contract is the legal document you sign with the company that you do business with. It sets out certain rights and obligations for each party (yourself and the company) specifically regarding the service the company provides or the goods that you buy.
Processing
Processing is the term used when the debit order information goes through the bank’s system, resulting in the money being taken from your account.
Mandate
A mandate is the permission that you give to a company to collect money from your bank account, without you having to make the payment every month.
Electronically confirm
To electronically confirm your debit order means that you confirm the details of your debit order on an electronic device such as your cellphone, your personal computer or perhaps an ATM.
Debit order information
Debit order information is the specific information contained in the mandate that stipulates your account number, the amount and the date on which the debit order may be processed.
Service Provider
This is the company you have a contract with, for example the gym.
Debit Order
A debit order is a facility that companies use to collect money from your bank account on a regular basis. Each debit order must have a mandate.
USSD
Unstructured Supplementary Service Data (USSD) is a technology that allows a person to access various services through the use of short codes. It usually consists of number that start with * and end with #.
Checking
This is when the bank’s system compares the debit order information you confirmed with the debit order information they receive from the company.
SARB
South African Reserve Bank
Verifying
This is when the bank’s system compares the debit order information you confirmed with the debit order information they receive from the company.
PASA
Payments Association of South Africa