Authenticated Early Debit Order (AEDO) is supported by many banks. Mandates are registered on the AEDO database using a card and PIN authorisation from issuing banks. These authorisations may not be disputed by account holders. AEDO collections greatly assists in reducing the risk of fraud for the merchant.
With our AEDO system there is no need for a merchant to retain the customers card and PIN to collect future payments. Credit tracking may be included (up to 32 days) just as with NAEDO debit orders. Tracking on AEDO debit orders greatly increases the chance of successful collections once the debtors receives a deposit and limited funds were available.
In terms of our AEDO service, consumers are able to electronically authorise future dated deductions from their bank account for the repayment of loans, insurance premiums and asset purchases etc. This all happens at point of sale. They swipe their bank card and enter their PIN number. As these deductions are authenticated by the consumer in person through an electronic signature, they cannot be disputed once paid.
AEDO payments give the service provider and consumer certainty of payment. The benefit of the AEDO system is that they are authenticated through an electronic mandate and therefore disputes are virtually impossible. Currently authentication can only take place at a physical terminal and thus internet or telephonic mandates are not possible. With the introduction of chip cards remote authentication will become possible in future.Contact us about AEDO debits