NEW DIRECT DEBIT SERVICE FROM NETELLER

3 October 2008

Speed and simplicity the drive for Direct Debit

Internet financial processor Neteller plc has announced the launch of its new paperless Direct Debit service as part of the Neteller Payment Suite.

Neteller claims that the new service enables online retailers to offer a speeded up and simplified sign-up process to UK customers and decreases administrative costs and errors, obviating the need for merchants to go through the expensive and time-consuming process of obtaining AUDDIS compliance.

Setting up traditional direct debit mandates has been a lengthy and error prone process as it is reliant on the merchants posting correct forms, the customer filling them in, the postal service and the accuracy of staff keying in data.

With the simplified process, when the customer has finished the application via telephone, Internet, keypad or interactive TV, the merchant can start invoicing and providing the service immediately. The new service means that customers will be, on average, ‘live’ with Direct Debit six days earlier.

Because the service is offered as an integrated part of Neteller's Netbanx gateway, the merchant can get paid quickly by taking a customer’s first payment by card while the customer’s Paperless Direct Debit application is being processed.

The new facility joins the Neteller Payment Suite, which features the Netbanx international payments gateway, the Neteller e-wallet and Net+ cards.

Normally, retailers who want to accept paperless Direct Debits have to achieve Automated Direct Debit Instruction Service (AUDDIS) status, which can be expensive and time-consuming. The Netbanx service removes the need for the retailer to obtain this status, ensures compliance to all relevant financial and legal requirements, and maintains the same level of security and customer protection as traditional direct debits.

Due to tighter security measures including 3D Secure, taking repeat payments via a credit card is becoming more difficult. Already, Maestro Card does not allow repeat or recurring billing. Using paperless Direct Debit is an alternative to merchants as they also charge on pence-per-transaction rather than the transaction value.

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