Q LINK manages collections from various bank channels. Bank services include both the efficient switching and standardisation of bank collections, as well as specialised optimisation and collections improvement techniques where needed.
The service minimises cost and improves collections success by automatically switching collections between various payment streams (including non-bank channels). Several complementary bank services are offered.
The Q LINK Bank deduction service is a recurring service, meaning that instructions do not have to be repeated every month. Only changes to deduction transactions need to be submitted. This method has the following benefits:
Deductions can be submitted for different collection frequencies, e.g. once-off, daily, monthly or annually. The service allows multiple types of debit order services via a single interface format - a standard input format is used for EFT debit orders and DebiCheck.
All bank deduction instructions from the client undergo a CDV test before they are submitted to the banks. This can reduce costs related to home-backs as a result of faulty or invalid bank account numbers and/or branch codes. Other validations include errors such as irregular amounts and possible duplications. An optional Account Verification Service (AVS) can also be included.
The main objective is to supply a value-add service to make the collection of premiums as successful and as affordable as possible. With various industries focusing strongly on early collection channels, strike accuracy for debit orders is becoming increasingly important.
A single day too early or too late is often the difference between success and failure. Q LINK offers various innovative tools to improve strike accuracy.
The introduction of DebiCheck has brought additional complexity to the bank collections environment. Q LINK manages this complexity on behalf of our clients by providing API’s to manage the mandates, with customisable rules. Where changes occur in the collection instructions without the mandates having been adjusted, this will be initiated on the Client’s behalf. Liaison with the different banks on our Client’s behalf is an integral part of the service.
The value of the Q LINK service goes beyond merely switching transactions to the source of the payment. We have developed several specialised industry-specific solutions that add value to the payments process. The intention is to enrich its efficiency and improve collection success.
Instead of just processing a transaction in an attempt to collect the payment, we optimise the transaction so that payments are collected correctly and as successfully and affordably as possible.