What is really needed to run collections and distributions automatically?
Automating collections and distributions enables the effortless creation of a one-time mandate, requiring no further input from the user. This not only saves time but also ensures accuracy.
When is automatic collection applicable?
Automatic collection is applicable when all the collected funds will consistently be distributed to the same beneficiary.
What needs to be done:
Set up the Bin Account in the preferences.
Add the Merchant Email address to the preferences.
Configure the Creditor Abbreviated Short Name in the preferences.
Create a distribution plan.
Configure the created distribution plan with beneficiaries to validate it.
Set the 'Auto Authorize Payments' option to true for the beneficiaries.
Select the valid distribution plan as the default on the preferences.