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How many of these 5 Direct Debit secrets do you know?

Most of us have heard of Direct Debits; in fact, 80% of the UK population have at least one, and they’re the preferred method of payment for over half the population. But there are still aspects of this popular method of payment that some of us are unclear about – so let’s shed some light on these ‘top 5 secrets’ of Direct Debits!

• Direct Debits are quick to set up

Many businesses shy away from Direct Debits as a payment method as they believe it takes time to set up. This may have been true in the past - when customers needed to sign and return paper Direct Debit Instructions – but today paperless Direct Debit Instructions are saving companies time and money. They can be completed face-to-face, over the phone or even online, and they’re making setting up Direct Debits quicker and easier than ever before!

• Direct Debits are a world apart from standing orders

Say the words ‘Direct Debit’ to the average man, woman or child in the street and they’ll often assume you mean ‘standing order’ (or vice versa). In fact, there are a number of differences between these two types of automated payment methods. Direct Debits are an instruction that the customer gives to an organisation to take money from your bank account on a regular basis. Standing orders are an instruction to the bank itself, to pay someone regular amounts. The main difference is that with a Direct Debit, the organisation you’re paying can make amendments without obtaining your signature. In addition to this, Direct Debits offer the Direct Debit Guarantee, which protects customers, whilst standing orders don’t offer this protection.

• It’s quick and easy to install and use Direct Debit software

If you opt for cloud-based Direct Debit Management Software, no installation is required at all. Think of it as remote access computing where all the software and hardware you need is stored at a remote, secure location. Your provider takes care of installation, maintenance and upgrades!

• Direct Debit Management software is more affordable than ever

Shh! Keep this one to yourself, or all your competitors will be jumping on board! Many people mistakenly believe that it’s expensive to invest in software for Direct Debit Management. This simply isn’t true. With a cloud-based Direct Debit Solution, not only do you not have to waste money on in-house software, you also won’t have to install or upgrade it as it’s all managed in the cloud.

• There are no costly upgrades with Direct Debit Management Software

Of course, it depends what sort of Direct Debit Management Software you choose, but a reputable cloud-based solution ensures you only pay for what you actually use – usually by way of an annual or monthly subscription fee. You should be able to scale up as your business grows and avoid costly upgrades.

Now you know the 5 secrets of Direct Debits, it’s up to you whether you decide to share them or use them to give your business the edge over your competitors!

Source: accesspay.com/directdebit.html

This was posted in Bdaily's Members' News section by Ali Moiyed .