May. 14, 2021
What is a direct debit?
Did you know, there’s a way to simplify some of the regular payments you make? That’s right, today Genome‘s team will introduce you to the concept of direct debits and how they work. When is direct debit used? Let’s first uncover the direct debit meaning. Direct debit is a type of pre-authorized payment that makes regular transactions for variable amounts safer and faster. Also known as a pre-authorized debit (PAD) or pre-authorized payment (PAP), these transactions work the other way around compared to when you initiate transfers yourself. Paying direct debits means that you authorize a third party to withdraw