In these Terms and Conditions, the following words have the following meanings:
Agent/you/your means you, the client of Macquarie who will receive payments from Payers. You must already be a client of Macquarie and have a Macquarie Business Banking bank account in order to use DEFT.
Business Day means every weekday except for Australian national public holidays.
Code means any industry codes to which we have subscribed.
DRN stands for “DEFT Reference Number”, a unique number issued by you to individual Payers in order for the Payer to make payments to you via DEFT. The DRN assists you to identify Payers, payments and reconcile your accounts.
Direct Debit has the meaning given to the term “Direct Debit Request” (DDR) in the BECS Procedures available at auspaynet.com.au.
Dishonoured means the process where the Payer’s financial institution, either on its own or on instruction from the Payer, requests that a charge or direct entry (electronic) Transaction be reversed back to the Payer’s financial institution.
Disputed Transaction means a payment or transaction concerning a dispute, complaint or query that has been notified by a Payer or their financial institution to you or us.
Law means:
- Common law
- Principles of equity
- Laws made by parliament (Laws made by parliament include State, Territory, and Commonwealth Laws and regulations and other instruments under them, and consolidations, amendments, re-enactments or replacement of
- any of them).
Macquarie/us/we means Macquarie Bank Limited ABN 46 008 583 542.
Payer means any person(s) who uses a valid DRN to make payments to your bank account via DEFT, in payment of their respective deposits on property contracts.
Transaction means each utilisation of DEFT by a Payer (i.e. each payment).