Direct Debit Using Domiciliation
A domiciliation is a financial agreement between you and your customers, allowing you to automatically collect the payments for customer's invoices through a preferred bank account. Domiciliations can only be processed for domestic customers with domestic bank accounts. Domiciliations in foreign currencies or involving foreign banks are not supported.
Direct debit domiciliation is useful for companies with many customers or subscribers, such as a utility company or a publishing company.
Before you can start using electronic banking for domiciliations, you must enter certain basic information.
Domiciliation number - This is a unique code obtained from the bank which identifies the domiciliation agreement between you, your customer, and the bank. The contract contains details regarding payment frequency, bank account numbers, and amounts. When you send your payments to the bank, the bank will use the domiciliation number to identify all parties involved.
Preferred bank account - The preferred bank account will be suggested as a default bank account on all domiciliation suggestions for that customer. If necessary, you can change the bank account before posting the domiciliation suggestions. For more information, see Generate Domiciliation Suggestions.
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