Incentivising your customers is key to maximising your relationship with them and retaining their loyalty with your business. Whether you’re a gym owner, or an optician – You can encourage your customers to pay by Direct Debit by offering reward accounts.
Find out more from the knowledgeable FastPay team.
What is a Direct Debit Reward Account?
A Direct Debit Reward Account is typically a subscription service that offers benefits if you sign up for regular and recurring payments. In some instances, this may include a reduced rate.
For example, if you’re a personal trainer, you may want to encourage your customers to pay by regular Direct Debit by charging them less than if they paid on an ad-hoc basis. Alternatively, some businesses may opt for significant discounts on particular products associated with the brand.
How Do Direct Debit Reward Accounts Work?
One of the many advantages of a Direct Debit reward account is that you can choose how to incentivise your customers. This means that you are able to customise how you reward your clients based on their wants and needs but in a way that also benefits your business.
Step 1 – Research your customer base
Different ideas, incentivise different audiences, and as result, it is key that you research what perks your target market is on the hunt for. By doing this, it is much more likely to be successful in encouraging your customers to pay by direct debit.
Step 2 – Trial your ideas
If a Direct Debit reward account is something new to your business model, then it could be worth trialing 1 or more ideas amongst your client base to see which one gains the most traction.
Step 3 – Choose your Direct Debit Reward Account
It’s important that you select a Direct Debit reward account that offers a tangible benefit to your customer if they opt to sign up for regular payments with your business.
Step 4 – Implement your Direct Debit Reward Account
Once you’ve undertaken the necessary research and chosen a Direct Debit reward account model that you believe will strengthen your customers’ commitment to on-going payments, you’re ready to get the wheels in motion.
Be sure to measure and record the success of your Direct Debit reward accounts to ensure they are having the desired effect. This will help you to decipher whether you need to get back to the drawing board with your reward accounts model.
Hassle Free Direct Debit Collections
Why not select FastPay to collect regular payments from your customers. FastPay is entrusted by many companies up and down the United Kingdom to collect payments, whether it be weekly, monthly, quarterly or annually.