Direct Debit Processing

Processing Direct Debits and Credits - realEFT Processing payments by the Electronic Funds Transfer (EFT) system involves implementing software and having to process files and unpaid records in a labour intensive fashion. Using our realEFT service, a business may send direct debit and credit requests to us. We manage the validation of the data and complete the file creation and submission functions. Used in conjunction with our other payment services realEFT brings together into one feature-rich environment all the payment processing services required for a business. Direct Debit Payments Processing payments by direct debit means being a direct debit “originator” and having the ability to store payer information, create transactions and submit files to your bank for processing. Realex Payments offer a hosted service that allows business to process direct debits, without the need for the implementation of internal software and file delivery systems in a bank independent fashion. We call this service realEFT. realEFT is a hosted service – there is no software or hardware required. To use our service a business may implement realEFT in an integrated fashion or as a stand-alone service. In either case the following features are available; •    It is possible to operate multiple Originator set ups under the one Realex Payments client account – these are commonly referred to as “OINs”. •    The service operates to multiple banks – currently AIB, Bank of Ireland and Ulster Bank; •    It is possible to assign menu option permissions to different persons within an a business so that internal procedural controls can be supported; •    using realcontrol or using a suite of integrated messages from your own in-house system. •    For each payer it is possible to set up multiple bank mandate and credit/debit card details, these mandates can be set to expire and to require separate activation; •    All sort codes are validated on entry and using very easy screens mandates and payer details can be maintained; •    Transactions can be processed either online using realcontrol or by using integrated messages from your existing billing system – these transactions stay in the open direct debit batch and you can opt to close these manually or automatically. •    Batches can be viewed and searched very easily and a full history maintained, in addition is it possible to search using supplementary data such as email addresses, customer references etc. The benefits to a business in using realEFT are: •    No software/hardware required; •    Flexible and advanced integration options or use it as a standalone application; •    Connections to several banks – so changing banks is easy; •    Operates multiple accounts, combines payment methods; •    Avoids the need to store bank account, credit card details; •    Eliminates the need to create and submit files.