How does the customers payment get transferred to the payee corporation?
• The customer’s account will be debited directly upon successful payment transaction. • The payment settlement will be done on the next working day by directly crediting your collection account. Types of payments are: • Gross payment – flat rate and percentage rate (direct debiting of account) • Net payment – percentage rate (credit card payment) Gross payment mechanism: Maybank will directly debit the payee corporation’s collection account on every 26th of the month for the total discount rate owed to the Bank. Payee corporations should ensure the collection account has enough funds on the date mentioned.
