What are the different types of limits in FastNet Business?
FastNet Business Limits
The following limits apply to all FastNet Business sites
- Account Limit (for all FastNet Customers)
- International Limit (For FastNet International Customers)
- Receipts Limits (Optional for Direct Debit / Receipts Customers)
- User Limits (for all FastNet Customers)
Daily Account Limits
Is a daily pay away limit on all of your actual account(s) accessed in FastNet Business. This limit is loaded at an account stem and covers all suffixes within an account.
The daily account limit applies to all payments, including any International Money Transfers processed from a standard NZD account.
Funds Transfers between various suffixes on the same account number is not included in the daily limit.
International Division Limit
The International limit is based on a NZ Dollar value and covers all International Money Transfers processed from a Foreign Currency account.
(NB: A Foreign Currency Out-of-Hours Limit of NZD$100,000 applies outside of business hours, during weekends and during public holidays)
User Limits
This is a daily limit that individual administrators and users can pay away per day using FastNet Business. The user limits applies to ALL payment types excluding Funds Transfers when transferring within the same unique account number.
A user’s limit can be overridden by the approved account, international or receipts limits. For example, if a user has a $100,000 daily limit and attempting to pay away $80,000 against an account with an approved limit of $50,000. The payment will not process due to the client exceeding their daily approved account limit.
Limits are verified at the time of:
- Saving a payment (you will receive a warning message)
- Authorising and sending a payment (you will receive an error message advising you to phone the FastNet Business Helpdesk – at this stage your payment will not process without intervention.
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