MyGate`s Debit Order Service has taken the management of `debit order runs` to a new level of control and elegance.
Managing debit orders effectively encompasses much more than the submission of a debit order file. Most debit order service providers only provide for the receipt of debit order files with basic services such as RD notification via e-mail.
MyGate`s debit order facility provides an account verification service that allows companies to verify banking account detail in real-time. This can happen either when loading the client`s banking details within a customer management system and creating a Web service that posts to MyGate`s bank account database to verify bank account, or upon uploading of the debit order file.
By using MyGate`s Web service for debit orders, companies are able to identify incorrect banking detail either from data capture error or incorrect information provided; this eliminates the common tension-filled delays resolving this at debit order submission time. Account verification`s value is predominately used for validating new debit orders clients and in high volume debit order environments where account verification becomes crucial to ensuring cash flow and limited risk.
Outside of maximising the validity of banking detail, gaining control of RDs is the most crucial ingredient of a successful debit order service. RD files can be searched for by date or batch file relation through MyGate`s Web zone, making reconciliation painless. RD files can also be automatically e-mailed or posted to FTP.
Since the launch of its Debit Order Service in October 2007, MyGate has signed up more than 120 debit order clients. Forty-five percent of these clients have moved their debit order services in order to take advantage of MyGate`s range of services offered.
Dan Edmiston, Managing Director of MyGate, says: "The market has long been awaiting a company that can provide multiple payment processing solutions via one platform. Our payment solutions don`t require our clients to install software and allows them to gain access through one portal. We have positioned ourselves as a serious player in the payment processing industry and will be launching additional product suites in 2008."
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