Agricultural Debt Recovery

Recover debts from growers / members

This service allows you to automatically collect monies owed by applying direct debit instructions to the accounts of beneficiaries and then automatically crediting the corresponding amounts to your account. The service allows you to give numerous direct debit instructions in a streamlined fashion, based on the accounts receivable shown in the electronic file you provide us with.

Debt collection files are processed in parallel with payment files and cross-checks are carried out on the data in the files being processed in each case..

How you benefit

Save time and reduce overheads

Use this service to batch manage accounts receivable from debtors arising from your business activities. Significantly cut down on the time spent processing and checking accounts receivable, and the cost of managing and chasing up debt collections.

Data is checked by the system and transactions are secure

The batch debits service automatically checks the data in the file to ensure that the IBAN accounts are valid and that they match the stated beneficiaries to ensure that details match. If invalid accounts are identified as part of these checks, you are automatically notified about the results.

The online checks performed when transactions are being entered into make transactions safe and also make it easier for you to get information about debts that were in fact collected.

Following up debt recoveries

After each file is processed, we send information about the transactions that were in fact entered into. Information is sent in the form of electronic response files that include overall and specific data about each amount collected. Electronic response files are easy to process and are supported by the software applications used by customers to monitor their accounts receivable.

How are debits applied

To collect monies using the service, you first need to generate an accounts receivable file in electronic format, with the details of the amounts you want to collect. Piraeus Bank’s Payments System will provide details about the structure this file needs to have.

Then simply send your file with debt recovery instruction data to Piraeus Bank’s Payments System.

Once that is done, submit a list of the data in the electronic file to your local branch, along with the debit instructions for the accounts and a cover letter which contains your instructions about how collections are to be made.

Processing the debit file

Piraeus Bank then checks the structure of the file you sent, accepts it, and uploads it to its Payments System. If the data or structure of the file generates a system error, you will be notified immediately so as to make the necessary changes. Agricultural debts from holders of other Piraeus Bank accounts can then be immediately collected on the same day as the instruction was given to the Bank.

Generate a file with the details of all debts you want to collect using the file structure the system requires.