What are the benefits of debit orders?
Paying by debit order is convenient and, thanks to the introduction of DebiCheck, very safe.
Let's take a look at how debit orders can help you to make your payments on time and manage your budget.
It's safe and convenient
One of the obvious benefits of debit orders is that you won't have to carry cash and physically visit the vendor to make payments. In addition, you don't even have to worry about remembering to make a digital payment, like a transfer. The automatic nature of the debit order takes care of this. This is great for recurring monthly payments. It's also safe because you don't have to use cash all the time, making you less vulnerable to petty crime. Debit orders are also easier to monitor than cash payments because you can opt to receive SMS alerts or alerts on your banking app when your account is debited.
Lower bank fees
The costs linked to credit cards and other payment methods are generally higher than the cost of a debit order. Making cash deposits is also costly. Using a debit order makes sense if you're on a budget or trying to spend less.
It's good for your credit report
Due to their automatic nature, debit order payments are always made on time. You won't have creditors following up for late payments, and you can’t forget to make payments. So, the risk of getting into debt is low, which is great news for your credit score! This goes a long way to reducing stress and freeing up time to focus on your real goals.
Stay safe with DebiCheck
If you monitor your bank account closely and prefer to stay in control of your money (which you should do!), then you're probably aware that debit order fraud is a reality. DebiCheck is an excellent way to safeguard your money. It is designed to protect you from fraud and cybercrime. More and more companies are using DebiCheck as another layer of protection against debit order fraud. It's still fairly new in South Africa, so you may have to read up on how it works. Start here.