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Preauthorized Payment

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Preauthorized payment
Accelerating cash inflows by directly charging a customer's bank account with permission.

Preauthorized Payment
Any agreement between a bank and an account holder whereby the account holder gives the bank permission to automatically debit the account by a certain amount every month. The amount may go to the bank to pay a standing fee, but most often goes to a third party. For example, a customer may set up a pre-authorized payment plan to pay his internet bill each month. See also: Direct Debit, Standing Order.


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The decrease in receivables is primarily due to timing and improved collection of subscriber receivables, such as an increase in number of customers on preauthorized payment plans.
OTC BB:JAWZ), a provider of the best in information security technologies and practices, today announced the formation of a business alliance with Cheque Free Corporation, a pioneer in user-friendly, preauthorized payment processing.
Plus, we will now be able to offer loan customers enhanced benefits such as rate discounts for preauthorized payment.
 
 
 
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