No Cure No Pay – Direct Debit

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The incassobureau No Cure No Pay clause is a common feature in salvage contracts. It gives the salvor a legal right to compensation if they fail to save the vessel or cargo, but does not give them any obligation to do so. It’s one of the most important clauses in a salvage contract and can be extremely beneficial to the salvor.

Direct debit is a form of payment that lets consumers automatically pay for recurring bills on a weekly, monthly, or yearly basis. The payer provides their bank details only once, and on the due date each month, the amount is automatically deducted from their bank account. This is a more convenient way to pay bills than mailing checks or entering credit card information every month, and it also reduces the chance of paying late fees. It’s an easy way for people to manage their bills, and it makes it easier for businesses to keep track of their payments.

Collections Reimagined: The Power of Direct Debit No Cure No Pay

Direct debits are often processed via the ACH network, and they’re used most commonly for recurring payments. For non-recurring transactions, ACH credit (where the payer originates the transaction) is more common. Both processes are secure and reliable, but direct debits take longer to process than ACH credits because the business has to verify their customer’s bank account in real-time before they can initiate the transfer. Plaid Balance, an API solution that lets companies validate accounts for direct debits in just seconds, can help businesses reduce NSF fees and ACH returns while increasing their payment processing efficiency.

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