What is a mandate?

A mandate is an authorisation given by your customers, that allows you to collect payments from their bank accounts directly. The mandate contains information about the customer such as name, ID number, bank name; and agreed collection terms such as collection frequency and maximum collection amount. The mandate does not contain the bank account number.

By authorising the mandate, your customer's bank would be notified that permission is given to your bank to “pull” payments from the bank account directly. It takes two days for the enrolment reports to be returned to Curlec. It takes another two days before the first collection can be made. You cannot collect payments from the customer's bank account without the authorised mandate and enrolment report.