Ever wondered how companies are able to collect payments from a large number of people efficiently? Well, direct debit is the buzz word in the corporate world that assists companies to crush the timeline when it comes to collecting payments from a large customer base. Such companies can either do the direct debit process in-house or outsource it to a company that specializes in this field. In fact, most companies prefer hiring the services of a reputable direct debit company in order to save time and money.
This method of payments is quite popular in the UK, boasting of 67% users amongst the country’s populations. This is due to its efficiency, convenience and the peace of mind that it affords users. One of the most popular direct debit companies in UK includes Eazypay that offers quality services to its clientele. This technology entails a process in which a payer directs his or her bank to deduct money from their account as payment for a service to another company. Therefore, the transaction cannot process without the full knowledge and consent of the payer which means it is quite safe.
Business and their customers alike enjoy numerous benefits due to direct debit payment services. For instance, businesses do not have to allocate time for invoicing and collecting money with this technology in place. The business is also able to provide its customers with quality customer services and hence encourage customer loyalty. A business also minimizes administrative errors that could taint its image in the eyes of the public which is not good for business. It will also avoid doing double entry of data into its system. It will even have an assurance of receiving payments at a particular time. The business also enjoy’s a constant cash flow which is essential for its growth and sustainability.
Indeed, a direct debit company’s services have a high demand for companies that receive money from its customers or subscribers on a regular basis. These include charity organizations, clubs, schools, real estate companies, property management companies and insurance companies. Mobile phone companies also make use of this service to ease its workload when collecting payments.
On the other hand, customers enjoy benefits such as excellent customer services due to dealing with a company that collects payment in this manner. There are also fewer cheques to write and less paperwork to handle. They also enjoy the convenience of avoiding long queues whenever they need to make payments. This system also enables them to settle their bills without breaking a sweat. The charges are also distributed over twelve months, making it cheaper for customers.
Factors that you should consider while looking for an ideal direct debit company include ensuring that the company is reliable and their system does not fail frequently. The company should also charge reasonable fees and offer exceptional services like clearing, automatic representation and a customer’s name appearing on the bank statement.