Have you ever considered using Direct Debit to collect payments from your customers? Here’s how it works: Once authorized by your customers, payments are automatically transferred from a customer bank account to your business account. It’s that easy.
Direct Debit can provide many benefits, including:
- Quicker access to funds due to automatic, electronic transfer
- Eliminating the time and headache of reminding customers to make a payment
- Saving money by reducing the cost of collecting, depositing and reconciling checks
- Ability to create more accurate forecasts for income and cash flow
Businesses that get the most benefit from Direct Debit are typically those that collect regular payments from the same customers, for example:
- Property managers or renters for monthly rent, lawn care or snow removal, heat or other payments.
- Health centers and workout facilities for monthly or annual membership fees.
- Churches or nonprofits for recurring contributions or donations.
- Cities and government entities for monthly or regular utility payments, such as water.