How to Set up Direct Debit
Introduction
Setting up direct debit makes it easy to collect recurring payments directly from your customers’ bank accounts. This guide will walk you through how to set up direct debit on your merchant dashboard. Direct debit enables direct payment collection from your connected bank accounts, reducing late payments and friction associated with funding your business wallet before payment, thereby improving your business's cash flow.
To begin:
- Log in to the Merchant Dashboard
- Click on “Settings” on the dashboard menu
- Click on “Business Bank Account”
- Click on “Link Bank Account”
- Click on "Get Started" under Legal Setup or "Get Started" on the top right. As shown below:
- Select either Sole Signatory or Multiple Signatory and click on "Continue". As shown below:Tip: The difference is that a multiple-signatory account requires more than one person to approve transactions.
- You will see a page displaying your bank and business details. Review to ensure all information is correct.
- If all the details are correct, click "Continue". If not, select the radio button "This detail is incorrect" for further instructions. As shown below:
- After clicking "Continue," and your business account type is "sole signatory," our terms and conditions will appear. Read them carefully, then accept. As shown below:If you select multiple signatories, you'll need to upload a mandate. This screen appears before the Terms & Conditions and OTP steps. Follow the on-screen instructions to complete the setup as shown below.
- Confirm your action by entering the OTP sent to your preferred authentication method.
- A screen will appear as shown below. Make a payment of 50 naira (if your bank app doesn't allow amounts below 100, use 100 naira) to the account number displayed. Please note that you must make this payment from the same bank account you are trying to set up.
- When you've completed the payment, click "I have made the payment."
Congratulations, you have just set up a direct debit on your account. Please look out for confirmation emails. Click here to learn how to make a payment.
Related Articles
How to Set up Direct Debit
Introduction Setting up direct debit makes it easy to collect recurring payments directly from your customers’ bank accounts. This guide will walk you through how to set up direct debit on your merchant dashboard. Direct debit enables direct payment ...How to Make a Scheduled Payment
Introduction Scheduled payments let you set up transactions in advance and choose when funds are sent to your vendor, supplier, or service provider. With scheduled payments, you can plan ahead, manage cash flow effectively, and ensure timely payments ...How to Make a Scheduled Payment
Introduction Scheduled payments let you set up transactions in advance and choose when funds are sent to your vendor, supplier, or service provider. With scheduled payments, you can plan ahead, manage cash flow effectively, and ensure timely payments ...How to make a Direct International Payment
Introduction International Direct Payment allows you to quickly transfer funds to overseas vendors, suppliers, or service providers while maintaining proper documentation in your accounting records. By following this streamlined process, you'll be ...How to make a Direct International Payment
Introduction International Direct Payment allows you to quickly transfer funds to overseas vendors, suppliers, or service providers while maintaining proper documentation in your accounting records. By following this streamlined process, you'll be ...