Step 2 - Debit Order Contract Creation
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The next step uses the details from the screenshot to generate your promissory note, ensuring all loan terms are properly documented. We’ll guide you through the process, step by step.
If you wish to change the repayment method, you can select an alternative option from the dropdown menu. However, if you prefer to proceed with the default DebiCheck method, no further adjustments are necessary.
If the client has selected DebiCheck as their repayment method, you’ll need to choose the appropriate authentication option for the transaction. Below is an overview of the available authentication methods:
TT1 Delayed – Approval is required by 10 PM on the due date, with potential processing delays.
TT1 Realtime – Provides instant approval, typically within 120 seconds of confirmation.
TT2 Delayed – Similar to TT1 Delayed, but processed in batches, leading to slight delays.
TT3 – Requires the client to verify their identity using a card and PIN via an ATM, mobile banking app, or USB terminal.
SEFT – Functions like TT3, requiring authentication through a card and PIN via a mobile banking app or USB terminal.
Instalment Split
To enable installment splitting, choose Split- Two Contracts in the Installment Split dropdown.
This allows clients to repay their loans in smaller installments by creating two contracts for the client, each with an installment value equal to half of the original loan amount whilst effectively doubling the repayment period.
Repayment Bank Account
Simply select a Repayment Bank Account from the drop down list.
First Debit Date
Enter the first instalment date using the First Debit Date date selector.
Debit Cycle
Choose between Monthly , Weekly and Fortnightly in the Debit Cycle input field.
Cycle Collection Day
Chose a cycle date depending on the chosen Debit Cycle. e.g. 25th of the month
Date Adjustment
Choose an option (Before, After or On the Selected Day) from the Date Adjustment drop down.
This allows you to define how many days before the collection date should the Debicheck initiate the collection for those days that fall on Weekends and Public Holidays
Tracking Days
This determines how many days after the due date the Debicheck should continue attempting collection before marking the payment as delinquent.
This setting is especially helpful for clients who receive grants and have SASSA as their employer. Since SASSA payment dates can sometimes change, it's a good idea to set a default tracking rule. This helps us stay on top of collections or follow-ups, ensuring you receive your grant smoothly.
By selecting the dropdown, the user may set SASSA tracking rules to either:
First to Last Payout Day
Tracks debits from the first payout day to the last payout day in the period. This is the default earliest payout day.
Non-disputable with Full Period Tracking
Tracks debits for the full period, regardless of whether or not the grant recipient has received any payouts.
Non-disputable with Shortened Tracking
Tracks debits for a shortened period, typically starting from the first payout day and ending on the date the grant recipient's grant is due to expire.
Grant Category Payout Day Only
Tracks debits only on the grant recipient's grant category payout day.
Once you've filled in all the required fields, simply click the "Create Promissory" button . This will prompt the user to issue the TT1 or TT3 and waits for a confirmation message (success or failure) from Allps.
Upon receiving a response from Allps, Mobiloan will automatically update the promissory note status based on the confirmation received. The screenshot below displays an Active Promissory status.
Active – The promissory note has been successfully created and confirmed. You can now proceed with the loan payout.
Pending – The confirmation from the client is still awaiting approval. No further action can be taken until confirmation is received.
Cancelled – The promissory note has been manually canceled, meaning it is no longer valid.
Suspended – The promissory note has been manually suspended, temporarily halting any further processing.
Each status helps track the progress of the promissory note, ensuring transparency and smooth loan processing.
Account to proceed to the final step of the payout process.
