Auto Debit Arrangement
Automatic Debit Arrangement Service –allows you to collect your company receivables through the convenience and speed of electronic funds transfers. PBCOM Business Banking will handle online, real-time debiting of values directly from the accounts of your suppliers or customers.
Collection of receivables from pre-enrolled customer accounts can be initiated one-by-one or by batch, which contains one or more transactions.
- Funds collected are immediately made available for use. Each transaction is completed online and in real-time.
- Flexible authorization workflow allowing control over the preparation, verification and authorization of debit instructions
- Complete transaction and audit logs
- Secure access through internet-enabled computer via SSL with up to 256-bit encryption capability using Internet Explorer Ver. 11.0
How it works
- Your customers agree and signs-up to enroll their PBCOM account in the Auto Debit Arrangement service for the purpose of completing payments to you online.
- PBCOM Business Banking user may create individual or batch debit instructions over the Internet through the user-friendly browser-based data entry screens of the PBCOM Business Banking
- Using any Internet-ready PC, your company’s authorizers connect to PBCOM Business Banking via the Internet to approve the pending debit instructions.
- Once properly approved, PBCOM Business Banking automatically effects the debiting of your customer accounts and crediting of your designated collection account.
- You can view the status of your transactions real-time using PBCOM Business Banking
- Provides an automated alternative to check or cash based collections
- Releases any resource from collections function and allows utilization of freed up resources to other key tasks
- Shortened collection turnaround time