Frequently Asked Questions about debit order collections

 

Debit order services are widely used instruments of payment for many goods and services. They are a great resource for businesses and are applied in numerous industries which include retail, banking, manufacturing and so forth. With today’s economic climate a debit order system should be introduced to every business to ensure prompt regular payments. This is a useful method to ensure a healthy cash flow in order to meet your commitments.

1.  What is a debit order?

A debit order is an official agreement between you and a third party to take an agreed amount of money out of your bank account on a specific day (can be recurring for months thereafter). The relevant account can be tracked (Naedo) for a specific period, as soon as there is a credit in your account the transaction will be debited. The debit will only occurs if your bank balance exceeds the debit amount.

 

2. What is the difference between a debit order and a stop order?

Debit order – A debit order is where you authorize a third party, such as an insurance company, to take money from your account on specified dates.

Stop Order – A stop order is an instruction you give to the bank to deduct money from your account and pay it to a third party.

 

3. Who gave Stratcol permission to take my money?

Please note that StratCol is a Debit Order and Naedo transaction Facilitator. We collect funds on behalf of many organizations.

Simply provide us with the reference number as it appears on your bank statement, and we will gladly assist you.