Direct Debit Takes Guarantee to be Part of Direct Debit Payments

LONDON - June 28, 2013 - PRLog -- The computer networking system has integrated so well in our daily lives that without it the world seems to stop for some time. Direct Debit Payments is an integral part of this computer networking system which has strategically increased the business of the banking sector only out of the service the system provides. It is a method where a fixed or a variable amount of money is automatically transferred from the payers account to the payees account. There is absolutely no paper work involved and the process is almost just a click away. It is because of this that million of money across Europe for instance is transacted through the Direct Debit Payment system. Among the entire machinery, it is direct debit guarantee that plays a very important role.

Importance of Direct Debit Payments

In case there is any error on the payment of the money, the direct debit guarantee protects the payer’s money. There are cases when an incorrect or even fraudulent payment has been made and which has given rise to any kind of transaction issues. Whenever such situation arises, the money automatically comes back to the payers account. Full and immediate refund of the amount is the main feature of thus Direct Debit Service system. There are three ways in which the direct debit guarantee works. The primary method is notification. In this process the payer is notified in advance of the payment that is to be done in the payers account. The second method is complete refund of the money if there be any complications. The third method is cancellation of the amount to be paid. In this case, the payee has to inform the bank to cancel the payment.

Always remember that these three operations are done by the bank without any consultation with the merchant.

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