INTRODUCTION TO THREE PEAKS
Three Peaks’ Debit Order Collection Facilities enable automated debit order schedules streamlined to allow users to collect recurring payments according to their preferred payment schedule.
Three Peaks provides a payment system highly secured, and the company acts under the regulations and operating rules of the Payments Association of South Africa (PASA), the South African payment industry’s principal self-regulatory body. Three Peaks itself is an approved Financial Service Provider (FSP).
Today the company’s automated Debit Order Collection Services are used by more than 500 South African businesses because it allows them to manage their cash flow, reduce admin with its associated stress, save on banking costs and work with both fixed and variable amounts.
The system is simple and easy to set up and very user-friendly. It allows merchants to have their payments collected monthly, annually, or by term, just as they prefer.
By using Three Peaks’ Debit Order Collection Facilities, users can also safely collect payment from their customer’s bank account every month automatically, whether it is a fixed amount or varies from month to month. In this way, payments can be automated, rather than having to rely on the client to action payment.
The system is not only simple, secure, and user-friendly, but also provides real-time, easy-to-read reports without having to pay any license fees. Using this system also minimizes the risk of unmanageable debt.
The company’s services are ideal for be used by small and medium-sized businesses, accountants, software companies, and many more. Users can also easily cancel any existing debit orders, add a new customer, or remove their customers from the plan, all of which can be done from the user dashboard without any hassle.
Three Peaks’ Debit Order Collection System is a cloud-based service, and therefore no purchasing or renting of any new software is required. The company itself provides user-friendly guides to assist users in setting it up, and its customer service team is readily available to assist and support.
Three Peaks’ Debit Order Collection System helps a wide range of businesses to manage their cash flow. Amongst these clients count:
- Small and Medium-sized business
- Accounting firms with retainer clients
- Security companies
- Internet service providers
- Ecommerce businesses
- Schools and Tertiary Education facilities
- Health and Fitness facilities
- Gyms with membership fees
- Software businesses selling subscriptions
- Companies providing Funeral Cover
- Charities
- Storage facilities
- Office Automation
- Training Academies, and more.
HISTORY AND HEADQUARTERS OF THREE PEAKS
Three Peaks’ Debit Order Collection System was established in 1989 to fill a need that the major banks were unable to fill: of offering a debit order collection system for small to mid-sized companies. Even small businesses could for the first time take advantage of all the benefits of debit order payments.
Over the last few decades, Three Peaks’ Debit Order Collection System has continually innovated technology to simplify cash flow management and has built long-term relationships with its clients.
Three Peaks’ Debit Order Collection System has its Head Office in Durban at 22A Underwood Rd, Hatton Estate, Pinetown, with more offices in Cape Town at Sunclare Building, 21 Dreyer St, Claremont, and Johannesburg at Lonehill Office Park, 22A Lonehill Blvd, Lone Hill, Sandton.
SERVICES AND FEATURES OF THREE PEAKS
Three Peaks’ Debit Order Collection System makes it easy to set up an automated debit order schedule so that a user can collect recurring payments on time, every time, without any hassle.
The Debit Order Collection Services helps more than 500 South African businesses in the following ways: Control your cash flow, reduce admin and stress, save time and money, it is easy to set up and use, works with fixed or variable amounts, and collect monthly, by term or annually.
The following features have contributed to the popularity of these services:
Convenient debit order collection
With the single biggest reason for business failure being negative cash flow, these Debit Order Collection Facilities help a business owner to collect payments from their customer’s bank accounts every month automatically, whether it is a fixed amount or varies from month to month.
Instead of relying on a client-to-action payment; the merchant can automate it in a simple, secure, and easy-to-use process, which gives real-time success and user-friendly reports. No license fees must be paid while the risk of unmanageable debt is highly minimized.
Bad Debt Management
Professional debt collection on outstanding fees benefits most businesses. Three Peaks’ Debit Order Collection System can assist by administering professional accounts receivable services if your customers have unpaid debit orders or as a standalone debt collection service.
Its straightforward process gives a business’ customers three chances to bring their affairs into order. If this does not happen, formal debt collection processes may follow at a business’ discretion. If it becomes necessary, Three Peaks’ Debit Order Collection System has the full collection history for a relevant customer, resulting in an easy handover and the maximization of collections from all delinquent accounts.
Three Peaks’ Debit Order Collection System collects and manages these payments on behalf of a business and transfers settlement amounts to its bank every two weeks. Three Peaks’ Debit Order Collection System’s debt management services include credit checks, soft collections, tracing, and late-stage collections.
By using its services, a merchant can have peace of mind knowing unmanageable debt is being followed up on professionally and ethically by the Three Peaks Legal Team.
This legal team comprises highly skilled individuals who receive and analyze its clients’ debtors’ books as well as apply the best strategy to the same. Regular tailor-made reports ensure that clients are updated on the progress of the debt collection process.
Merchants can also collect payments promptly – from both new and existing clients – with secure, effective debit order collections that simplify their life and improve their cash flow.
Credit Checks
A business owner can avoid overdue payment headaches by first doing a simple check on potential customers. Three Peaks’ Debit Order Collection System offers credit vetting tools for the SME market to assess individuals’ or businesses’ creditworthiness. Its credit vetting tools can be included with its other services or used as a standalone service.
By getting a reliable credit rating for every new client, a merchant can keep his cash flow healthy, avoid slow payers, minimize unmanageable debt, and eliminate the stress of chasing for payment.
EFT Payments
Vital payments on time, every time, will help any business survive and thrive. With Three Peaks EFT Payments you can set and forget a payment schedule and rest assured that salaries or creditors will be paid on time every time.
As a business, this means you and your staff can focus on other more important things while reducing overdue payment conversations with disgruntled employees or creditors.
Additionally to this, you can avoid the hassle of looking for cash flow to pay salaries or creditors by using the funds that have been collected via debit order. Three Peaks’ Debit Order Collection System administrates the process from end to end to ensure a seamless service for the customer.
Such services include automated essential payments, staff salaries and wages, sales commissions, and priority creditors. A merchant can get peace of mind knowing payments are made on time, accurately, and automatically, using the Three Peaks EFT Payments system.
Three Peaks administers the process, freeing you up to focus on what matters, namely growing your business.
Vital payments are made on time, accurately, and automatically so that continuity of supply from vital suppliers is assured. Payments are automated without set-up costs or capital outlay, which in turn improves productivity and saves time and money.
How does the debit order collection system work?
To use the debit order collection service a user needs to log in to his system and create a new Debit Order. You select the date you want to debit your customer and select the amount required.
From there the Three Peaks support team will guide you through the process of setting up your debtors. The money will be deducted from your client’s account on the date specified and be received into your bank account within 7 business days.
PAYMENT METHODS ACCEPTED
Three Peaks’ Debit Order Collection System accepts convenient payment methods including Instant EFT, Bank EFT, Credit Card, Visa Checkout, Cash Payments, and QR using major wallets or banking apps.
SAFETY OF THREE PEAKS
Three Peaks is an approved financial services provider (FSP 19016).
No matter whether you are a single business looking for better ways to seamlessly integrate payment capability or a third-party software provider looking to partner with Three Peaks, integration is made possible with Three Peak’s Application Programming Interfaces (API).
API’s allow merchants to send transactions from a variety of platforms including but not limited to websites, billing software, gym management software, and property management software.
API Registration is required for the integration between the user (any software provider that wishes to integrate their customer process into our services) and Three Peaks and must be done by completing the Customer API Registration Form.
CUSTOMER SUPPORT
The Three Peaks customer team can be reached through a contact form on the website, as well as by phone, fax, or email. Office hours are from Monday to Friday between 08:00 and 16:30.
SUMMARY
Three Peaks’ Debit Order Collection Facilities enable automated debit order schedules to allow users to collect recurring payments. Three Peaks provides a secured payment system under the regulations and operating rules of the Payments Association of South Africa (PASA).
The system is user-friendly and allows merchants to have their payments collected automatically monthly, annually, or by term, just as they prefer.
The system also provides real-time, easy-to-read reports without having to pay any license fees. Using this system also minimizes the risk of unmanageable debt.
FAQ
What features must be considered when evaluating a payment gateway for your needs?
- Security
- Easy integration
- Detailed reporting
- Good invoicing options
- Multiple payment options
- Fast processing speed
What is a payment service provider?
Payment service providers connect merchants, consumers, card brand networks, and financial institutions to deliver a simple payment experience for merchants and their customers by processing payments quickly and efficiently.
Is Three Peaks secure?
Yes, Three Peaks provides a secured payment system under the regulations and operating rules of the Payments Association of South Africa (PASA).
Under what circumstances may I dispute a debit against my account?
You may dispute a debit against your account if you did not authorize the debit in question, the debit is in contravention of your mandate, you already instructed the user to cancel the mandate, or the authorization has been canceled by you.
What is a debit order?
A debit order is a facility whereby a third party can collect money from your bank account without you having to do anything other than giving the such person a written, telephonic, or electronic mandate to do. Debit orders are payment instructions typically used for the monthly collection of premiums on investment policies, subscriptions, etc.
What is the difference between a debit order and a stop order?
A stop order is an instruction that you issue to your bank to make a series of future dated recurring payments, whereas a debit order is an instruction that you provide to a third party.
What is the difference between a debit order and an early debit order?
Both debit orders and early debit orders are facilities that allow for a third party to collect money from your account. An early debit order is simply processed close to a credit payment (e.g., after your salary is processed, the early debit order is processed against your account).
An Authenticated Early Debit Order (AEDO) enables account holders to mandate the contracted future-dated early debit orders using their bank cards (for example debit cards) and PINs.
A Non-Authenticated Early Debit Order (NAEDO) would allow qualifying service providers and consumers transacting with such service providers the equivalent benefit of AEDO, however without the PIN authentication requirement.
Can I stop a legitimate debit order before it is debited to my account?
Yes, you can stop a debit order, before the collection date. However, in practice, the debit order will still be reflected on your account, but your bank will automatically return the debit on the same day.
Information required by your bank for stopping such a debit order includes the exact amount, the reference number, the beneficiary’s name, the collection date, frequency, and term.
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