10 reasons to start using Direct Debit
Say goodbye to late payments.
With Direct Debit, you’re in the driver’s seat. Once authorised, you can effortlessly collect payments on schedule, sparing you the hassle of chasing down payments. Your customers will always pay on time.
Streamline your administrative tasks with Direct Debit.
Once you’ve set up a Direct Debit, the entire process can be automated. Payments are taken and tracked each month, significantly reducing the time and effort required for management.
Set it and forget it.
For fixed, recurring payments, Direct Debit is your best friend. Set up the payments, and they’ll be automatically collected on their due dates, without any further action needed from you or your customers.
- Cost-effective payment solution.
Compared to the 3-5% transaction costs associated with card payments, Direct Debit is typically much more economical, and here at FastPay, we offer a number of options – you can find our complete direct debit pricing details here.
- Minimise payment failures.
Card payments often fail (3-5% monthly) due to card expiry or cancellations. Direct Debit payments rely on stable bank details, resulting in failure rates of less than 1%.
- Flexibility at your fingertips.
Direct Debit offers the flexibility to adjust payment amounts and frequencies without requiring reauthorisation from your customers. This means you can adapt to variable amounts or price increases without administrative complexities.
Boost your cash flow.
Late payments can disrupt your cash flow, making it challenging to predict when you’ll receive funds to pay your bills or restock. Direct Debit provides predictability, enabling you to plan your finances effectively.
Versatility for all payment types.
While Direct Debit is commonly associated with regular payments, it’s also a convenient option for one-off payments, as long as immediate funds aren’t necessary.
Environmentally conscious and efficient.
Opting for paperless Direct Debit not only benefits the environment (eliminating paper, printing, and postage) but also streamlines your operations, saving you time and money.
Quick and easy setup.
Direct Debit is often misconceived as suitable only for large corporations or as a complex and costly process. However, with Direct Debit providers like FastPay, it’s accessible to businesses of all sizes. In fact, you can get started instantly with FastPay.
Need Help with Your Payments?
At FastPay, we help a multitude of businesses and organisations take care of their payments. From our Direct Debit Managed service and Powerful API Integrations to the FastPay Direct Debit Bureau, we’re committed to providing a payment solution tailored to our client’s needs.