MyGate, an established financial services and payment solutions company, has launched a Web-based debit order collections product enabling companies to process electronic collections.
The debit order solution does not require a company to open a debit order account with a bank. Debit order funds are able to be received by a company within one day after debit order action date.
The MyGate Pro solution provides the ability to directly upload a debit order file to MyGate from its Web interface, while the MyGate Web solution is designed for companies running smaller debit order batches and provides the ability to access and manage a debit order facility from the MyGate Web interface.
The Web interface eliminates the need to upload files and store secure data, still giving a range of functionality, allowing creation of debit order clients, setting up reoccurring debits, time and date frames for debits, as well as manage RDs. The data is stored on MyGate's servers, giving full comfort that the data is secure and easily accessible.
Both solutions provide for a two-tiered batch release, allowing one user rights to create a batch file on the system and a second user rights to view the batch and release for processing. Debit order responses, such as insufficient funds, payment stopped, not provided for and account closed are sent by e-mail or SMS in real-time, allowing companies to take action immediately. Companies can also choose to utilise the NotifyMe service to notify their clients via SMS of the date and rand amount which they will be debited.
When uploading a debit order batch file, account validation is done in real-time, ensuring all of the bank account details are correct. This reduces debit costs, as no invalid account returns take place after debit order submission.
MyGate can also integrate via Web service into companies' CRM, allowing them to run an account validation directly from their internal systems when loading up a new client. This is often done during the client vetting process.
Online reporting services such as debit batch history, transaction history, RD history and client analysis can be viewed from the Web interface.
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