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Collecting Domestic Income Electronically
Direct Debiting
Money Transfer* offers you a fast and reliable service to automate the collection of income using Direct Debits** e.g. monthly subscriptions, bill collections, premiums.
Key benefits
- Improved cash flow - same-day crediting on a date which suits you
- Administration efficiencies - no need to send out manual reminders as payments are automatically collected from your customers' accounts
- Automation Reduces errors - as you can quickly identify unpaid items
- Provides greater control - over the timing of funds credited to your business accounts
- Easy to use - and easy to upload payment information on Bankline
**Sponsorship onto the Industry Direct Debit Scheme
IPSO (Irish Payment Services Organisation) Direct Debit Scheme is the governing body of the Direct Debit Scheme in Ireland.
Your business will need to meet the industry scheme requirements before you can begin to collect income from your customers using the scheme. We can act as an authorised sponsor into the scheme by supporting your application. Ulster Bank will not be party to any underlying contract your organisation has with individual customers.
Indemnity
You will need to sign a standard indemnity to participate in the Direct Debit scheme. This protects banks and building societies if you collect incorrect payments.
For more details see the IPSO website
How do I apply for Money Transfer
To apply for this service, you must be a registered Bankline customer. To register for Bankline, complete the online registration form.
You can also contact your Relationship Manager to discuss Money Transfer in more detail.
*Money Transfer is an optional service on Bankline, subject to availability. It has separate terms and conditions. It attracts a separate monthly subscription fee and transaction charges will also apply.
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