How to debit someone's acct?
 

I would like to sell a product through monthly installment payments. And I would like to do it through debiting a person's account. Can someone tell me how this is done? Can it be done electronically (I don't have a merchant account, if that is important).

Also, I would like to report to the credit bureau about a person's payment history with me. How do I go about doing that?

Jack

Here is how to debit someone's acct...
 

Go into YOUR bank and ASK them what details they need to direct debit someone's account.

Each bank is different and may want the necessary info to do this presented in a different way.

At a minimum they will need a signed authorization document - signed by the account holder. This document should include their name, address, bank account name, account number and date. As well as language which states the amount to be debited and the frequency of the debit.

Your local bank will tell you more.

> Also, I would like to report to the credit
> bureau about a person's payment history with
> me. How do I go about doing that?

ASK the credit bureau how to report a persons payment history. They will have guidelines to follow and certain "ways" they want information reported.

Note: Some credit bureaus require you to be a member before being able to file reports on someone. The membership fees can be very high. Not too high a good sized business will be put off with it, but high enough to stop just any old Joe from filing fictitious reports to ruin someone's credit, or to enhance someone's credit.

In both cases, you'll have to go to the horses mouth and ASK to find the answer you want.

Michael Ross


The Great Ideas Letter