Getting Acquainted with NAEDO Service Provider

Technology is advancing at an encouraging rate across the world and so is in Africa. Cash transactions offline is not much done these days but aniline or using e-payment options are more common these days. NAEDO Service Provider helps exploring the advanced technology in a better and smarter way. NAEDO stands for Non-Authenticated Early Debit Order.

NAEDO deductions are presented taking help of the Payers Bank Account details and the Payers are not needed to be present while the deductions are being created. Although amounts can be disputed and successful payments received can be reversed, NAEDO includes all the characteristics of EDO or Early Debit Order and therefore maximize the scope of success due to the time that the deductions are processed.

When there is a potential boost in the installments collected the value of the NAEDO deduction can be altered. Like for example when annual increases are applicable such as insurance premiums or the rate of interest charged is linked to the REPO rate.

EDO stands for Early Debit Order. EDO is processed Early in the morning immediately after Banks have processed Salary Credits. The Early Debit Order System consists of two different payment streams, namely Authenticated Early Debit Order and Non-Authenticated Early Debit Order.

Non-Authenticated Early Debit Order (NAEDO) has the objective of leveling the electronic debit order collection playing field by way of creation of an equal chance for creditors to collect funds from their debtors.

NAEDO debit order collections permit creditors collecting up to R15, 000 per debit instruction and run in a preferential manner on a random basis before the standard EFT debit order run. This ensures that every creditor stands an equal chance of successfully collecting the funds without much delay or hassle.

Additional checks have been introduced into the system to make sure that only unique NAEDO codes are allotted to new NAEDO users. This will facilitate avoiding duplications, which could trigger system errors. Credit tracking of up to 32 days can be included on NAEDO collection instructions. If a debtor receives funds within the tracking period, then these will be on an immediate basis debited to fulfill the NAEDO debit order.

It should be kept in mind that all NAEDO payment instructions are randomized, hence ensuring all Users enjoying an equal opportunity to receive payment and are processed as fast as possible immediately after salary credits are transferred into the bank accounts of Customers in the early hours of the morning. For processing through the EDO system people will need to be registered with the PSSF.

Credit Providers (Call Centres, Internet Loans etc.), Debt Collectors, Insurance Companies, Schools, Letting agents / agencies, Ongoing subscription services, Professional Services and Mobile phone companies etc are found to be the most popular users of NAEDO.

NAEDO Service Provider will help in many ways which one can expect from NAEDO like collection rates of your business will improve, can allow monitoring debtor’s accounts proactively, and enjoy speed and efficiency, audibility as NAEDO reports serve as proof of collections.

About the Author:

The writer is an expert in the field of Online Debit Orders with focus on. South Africa to Swaziland Payments. We will share more topic related to South Africa to Lesotho Payments,EnDO Namiba, and more.

DesOur practical and innovative technology strengthens Real Pay’s multi-bank web-based payments system. Real-time management reports and our interactive dashboard differentiate us from traditional debit order platforms.