What is Direct Debit?
Direct Debit is a payment method that allows Teya to collect funds directly from your bank account. By default, we will deduct your fees from your settlement amount. We will use Direct Debit when we’re unable to deduct your fees from your settlement amount, in cases where your balance in lower than the fees you owe, or when you have an outstanding balance.
Direct Debit will only be used when:
- Your account has an outstanding balance for more than 3 days
- We are unable to recover the balance through net settlement
You will always be notified 10 days in advance before any funds are collected.
What are the benefits of Direct Debit?
- No need for manual payments
- Helps avoid service interruptions
- Advance notice before every collection
- Protected by the Direct Debit Guarantee. You can read more about the Direct Debit Guarantee here.
How and when do I set up a Direct Debit mandate?
You can set up your mandate:
- During onboarding
- In the Teya Portal (under Settings > Direct Debit)
Only the account holder can set up a mandate. In the portal or app, you can also assign different Direct Debit instructions to different stores.
What happens if I cancel my mandate?
If you cancel your mandate through your bank:
- Teya will be notified within one working day
- You may need to set up a new mandate if your balance is still negative
What should I expect in terms of notifications and charges?
You will receive:
- An email notification 10 days before a payment with the amount.
- A reminder 3 days before the payment is collected
There are no additional charges for Direct Debit collections. If a payment fails, we may retry up to 3 times.
What will appear on my bank statement?
The payment will appear under the name "Teya Solutions Ltd."
How long does the process take?
- Direct Debit instruction setup: up to 4 working days - you will not be charged yet.
- First collection: 10 days after e-mail notification of the Negative Balance (read more about Negative Balance here)