Bulk Payment Solutions
AEDO – Authenticated Early Debit Orders
Mercantile Bank offers the AEDO collection service via the Electronic Services Division. The service allows you, the beneficiary, to collect funds owed via the AEDO payment stream. The AEDO service has the following features:
- When you set up the AEDO payment instruction, the customer must swipe his card and enter his PIN to provide the authentication of
his presence and his agreement to the terms and conditions of the repayment.
- If the card swipe is successful, a stream of payments will be set up as per the agreed repayment plan, and these will be stored centrally at Bankserv. The beneficiary may edit future dated payment instructions to a certain extent, in that the submission date can be changed, or a single instruction in a stream of future dated instructions may be cancelled. The amount however can never be edited, as this is fixed at the time of the card swipe and PIN entry by the payer.
- On action date, Bankserv will initiate the payment request to the cardholder’s bank, and a response will be received and passed on to the beneficiary early the following morning.
- AEDO also offers a tracking service, whereby the beneficiary can request that if a particular payment request is unsuccessful at the first attempt, the system will invoke tracking for a period of up to 32 days. As soon as sufficient funds are available, the payment request will be processed, and a successful transaction notification will be sent to the beneficiary.
Should you require more details on this service, please contact Matthew Coaker, Head of Electronic Services on email@example.com.