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Term Debit


 

Name

Term debit

Introduction

Term debit refers to batch payment collection business regularly launched towards the designated paying bank by the collecting bank, which is entrusted by the payee in accordance with the agreement they signed before.

Features

Through establishing corresponding payment and collection business connections, the collecting bank launches automatic processing of the agency collection service by the paying bank's system regularly, so that the payee can collect various sums of money without human intervention or assistance (like utilities fees such as water rate, electricity charge, heating fee, long distance communication fee, cable television fee etc., as well as batch tax withholding business for the national treasury).

Scope of Application

Term debit shall be adopted when corporate customers transacting periodical batch payment collection business in China.

Application Qualifications

Before transacting term debit business, the paying bank, the payer, and the payee must sign a tripartite debit agreement to transact the business of withholding a certain kind of charge.

Process

The payee submits term debit business documents and paper collection list to the collecting bank, the opening bank of the payee will transact payment collection business.

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