About direct debit payments for Reckon One subscriptions
Learn how direct debit works for your Reckon One subscriptions, so you know when your payments are taken and what to do if one doesn't go through.
About direct debit
Direct debit is an automated payment method that lets you authorise your bank to pay for your Reckon One subscriptions directly from your bank account.
Direct debit isn't switched on for every account. If you'd like to use it, get in touch with us and we'll enable it for you. Ince it's on, you can then set up direct debit as your payment method.
When your payments are taken
We'll email you a reminder before each payment is due. The reminder tells you the amount and the date, and gives you time to make sure there are sufficient funds in your account. Direct debit payments take 3–5 business days to process, from the time you get the reminder email. Your subscription stays active while the payment is processing, but you won't be able to change your plan during this time.
Payments appear on your bank statement as Reckon Limited, along with the mandate reference from your setup confirmation email. Every bank formats these fields a little differently, so the text may appear in all uppercase or all lowercase.
What happens if a payment fails
What happens if a payment fails depends on why it failed.
Your bank declined the payment
If your bank declines the payment (for example, because the account has been closed or the debit wasn't authorised), we'll email you with the reason your bank gave.
Your subscription moves to an inactive state. To get back up and running, you'll need to resubscribe. Make sure you understand why the payment was declined, and resolve the issue before your next payment date.
If you have 2 direct debit payments fail for your subscription, your access to direct debit as a payment method is switched off. We'll email you to let you know, and ask you to contact us to talk through the payment methods available to you.
The payment exceeded a transaction limit
Reckon has a $10,000 transaction limit for direct debit payments. If your payment goes over the limit, it fails and you will be notified by email. Your subscription stays active and a member of our team will contact you to sort out payment.
If you'd rather get in touch first, contact our support team.
Refunds and disputes for direct debit payments
If we're providing a refund to you via direct debit, we'll issue the refund within 90 days of the original payment. Refunds can only be processed once the original payment has finished processing. Once we've issued a refund, it can take up to 5 business days to reach your bank account.
Refunds aren't labelled as refunds on a bank statement. They appear as a credit that references the original payment.
You can dispute a direct debit payment through your bank. Direct debit disputes are final and there is no appeals process, so if there's a problem with a payment it's worth contacting us first – we may be able to sort it out for you more quickly.
How your payment details are kept secure
We don't store your bank account details. They're sent directly to our secure payment provider, Stripe, over an encrypted connection.
