Direct Debit Information FAQ Xvantage™

Summary:

This article explores the Direct Debit process at the Xvantage platform.

Table of Contents:

1. What is a Direct Debit?

2. How long does transferring from a current payment method to a Direct Debit take?

3. What are the most common reasons why a Direct Debit payment might fail?

Question 1: What is a Direct Debit?

Answer:

Direct Debit makes it easy to handle transactions by moving funds from the payer's account on scheduled payment dates. This method enables automatic transfers between banks. To get started with Direct Debit, the payer needs to sign a mandate form to give their approval. After the mandate is authorized, payments will continue to be made through Direct Debit from that point on.

Question 2: How long does transferring from a current payment method to a Direct Debit take?

Answer:

Standard requests take about three days to process. The request won't go through if your bank hasn't accepted your mandate form.

Question 3: What are the most common reasons why a Direct Debit payment might fail?

Answer:

• Incomplete mandate request

• Debtor bank does not accept SEPA Direct Debit

• Insufficient funds in a bank account