Direct debit payments tend to be a win-win situation for everyone. Many people love this payment method for its easiness and effectiveness. With direct debit payments, you can benefit from an easy and stress-free set-and-forget payment option to pay or receive regular payments on time.
Following are four easy steps to get started with your direct debit payment for your company.
- Look for a Payment Processing Partner
It takes a lot of effort to set up direct debit payments on your own. Firstly, you would need to contact your bank and make sure to meet compliance requirements. It may also require you to perform some system integration tasks to deal with incoming payments. You can free yourself from all this hassle by finding a reliable payment partner, such as eazipay.co.uk, who will set up a direct debit to make hassle-free and quick payment options ready for you.
- Let Your Customers Know
After you have set up a direct debit, inform your clients about its availability so that they can pay their bills through it next time. You can attach the relevant information to their next invoice and tell them how and where they can sign up for this payment method. You may also want to let them know about the direct debit benefits and offer a discount for switching.
- See Your Cash flow
Applying for direct debit payments is straightforward. You must obtain a Direct Debit Request form, either online or on paper. Fill it and send it back to the bank. The direct debit payment option will automatically take payment from your customer’s bank account. You can also automatically reconcile your monthly payments if you have well-integrated systems.
Many businesses deal with cash flow challenges. Intelligent payment options like direct debit can help avoid this problem and let your cash flow grow the way you want it.