Oct 20, 2017

7 reasons to collect your payments by Direct Debit

Direct Debit is one of the most popular ways of collecting recurring payments in the UK. If your organisation collects regular payments from your customers through such methods as cash, cheque, standing order or debit/credit card, you are missing out by not collecting via Direct Debit.

 

7 reasons to collect by Direct Debit

 

Customers prefer Direct Debit

Over 90% of consumers with bank accounts have at least one Direct Debit, according to Bacs’ May 2017 Direct Debit Consultation Outcomes. Additionally, more than a third (38%) of households have more than six Direct Debits set up.

Speed

The money collected from your customers is deposited straight into your bank account after the Bacs processing cycle is complete. No need to handle large sums of cash or wait for cheques to clear.

Improved cashflow

Collecting by Direct Debit ensures that your organisation receives income on the selected date. This assurance allows you to plan effectively where to invest your money.

Easy to manage

Managing your payment collection is made easy by using software, such as SmartDebit’s products. You can easily add or remove payers, search customer records, amend details, edit amounts and view reports.

Reduced errors

Once details are entered into the SmartDebit system, they are validated in real time. Any errors can be quickly rectified.

Flexibility

The debit amounts and the collection date are selected by you and can be edited at any time via our online portal.

Fair & Secure

The Direct Debit Scheme Rules and Guarantee ensure debits are taken and processed in the correct manner. The Direct Debit Guarantee provides assurance to the payer that any money taken in error will be refunded immediately by the payer’s bank.

 

7 reasons to collect by Direct Debit 2

 

Get in touch with SmartDebit to talk solutions for recurring payments. We help organisations and businesses reduce customer churn, fees and improve reporting.

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