NACH Debit enables businesses to collect recurring payments directly from their customers' bank accounts. This is done by asking customers to authorise direct debit mandates. These mandates can be physical mandates (on paper) or electronic (also known as eMandates). NACH Debit has replaced ECS Debit.
The merchant you wish to pay through LotusPay will provide you with an authorisation method, most commonly via email. Physical mandates require a wet signature on the paper form. eMandates are authorised by you visiting the mandate authorisation link and following through with the net-banking login or debit and PIN verification.
Once active, your merchant will then be able to charge your account according to the payment parameters set in the mandate.
Physical mandates can be signed by up to three parties. eMandates can be authorised by only one person. To authorise an eMandate, you should be able to operate your bank account without requiring anyone else's authorisation. This means the mode of operation should be singly i.e. 'Either or survivor' or similar.
eMandates are most suitable for individuals because it's straightforward for individuals to log into net-banking or use a debit card and PIN. Some banks allow non-individuals to authorise eMandates, as long as one has access to retail net-banking login, and the mode of authorisation on the account is singly.
You can cancel a mandate in one of the following ways:
LotusPay processes payments through NACH Debit. This means you do not need to take any further action after authorising a mandate. Your merchant will take the payment directly from your bank account via LotusPay. You should ensure that adequate funds are in your bank account on the day of the payment.
Subscription payments are created in our system one day prior to the charge date. If you need to cancel a payment, you should notify your merchant so that they can cancel it in our system. The cutoff time for cancelling payments is 9am on the charge date.
Payments are generally submitted to the banking system in the morning, are debited from your bank account during the day, and reach the creditor's bank account in the evening.
Providing your payment is not part of an ongoing subscription, we will notify you of the payment via email when it is created.
Your payment will be paid out to the merchant within one working day of the money being collected from your account.
Please contact your merchant to get a refund.
LotusPay processes payments through NACH Debit only. If you want to use another payment method, please contact your merchant.
We help businesses and organisations to collect payments from customers like you. We do this through NACH Debit, a payment system created by the National Payments Corporation of India (NPCI) and regulated by the Reserve Bank of India (RBI).
Merchants use LotusPay to take authorisation from you for NACH Debit, and then to take payments against that authorisation.
If your merchant is using LotusPay email notifications, you will receive the following emails: