Ask any business owner what their plans are for the coming year and the answer will be an inevitable “to grow”.
But increasing the gap between money in and expenses out requires companies to do more than grow. To make a difference to the overall bottom line, businesses must scale.
Here we examine the ways in which Direct Debit can add efficiencies to your cash flow and processes to close that revenue gap.
Stop Chasing Payments & start Getting Paid
Latest figures suggest that SMEs are owed a staggering £255 billion in late payments with some 43,000 companies owed more than £1 million.
If that wasn’t a hard enough pill to swallow, it is estimated that 56.4 million hours a year are lost chasing these overdue payments.
When added together, it’s clear that businesses need a better solution. Enter: Direct Debit.
Automated Direct Debit management puts businesses, organisations and clubs in full control of their cash flow. Monies are collected on agreed dates and with cleared funds directly placed in the company bank account. What’s more, with Direct Debit you determine not only when you get paid but also how much. Goodbye chasing and hello efficiency savings.
As a well-established Bacs approved Bureau and Bacs Affiliate, FastPay helps businesses from Start-ups through to large enterprises harness the power of Direct Debit. Our aim is simple: we do it all so you don’t have to.
Direct Debit Grows with You
The world of business is fast paced and changeable. Your collection method needs to reflect this.
Direct Debit is a flexible solution that is able to grow with you and your customers. Collecting subscriptions or recurring payments? Direct Debit can do that. Collecting a one-off payment? Direct Debit can do that too. Need to vary what amount is collected? Direct Debit can certainly do that.
For those businesses looking to further streamline their administrative processes, Direct Credit services can be added into the mix to automate salaries, supplier invoices and wages. Funds are transferred at a low cost directly into the payees account on a specified date giving business full control of their monies out. As the most cost effective way to pay pensions and employee expenses amongst others, it’s easy to see why over 150,000 organisations are already using Direct Credit.
In uncertain times, it can be reassuring to know that Direct Debit is one of the safest and most trusted methods of payment.
The failure rate on Direct Debit is incredibly low and businesses are automatically notified of any failures allowing for fast resubmission and fast payment. By comparison, it could take more than a month to discover that a Standing Order has been declined. Can your business wait that long?
Jamie Claret, Director at the IT & Cyber Security company Amazing Support, couldn’t. He got in touch with FastPay following frustrating waits and missed payments with Standing Orders. Since making the switch, Jamie has seen immense improvements in his cash flow and benefited from spending less time on credit control.
How to scale with FastPay
Do you want to scale like Jamie? Find out how FastPay can help you by getting in touch today.
Call 0161 737 5290 to speak with our team of Direct Debit experts.
Alternatively, you can request a call back by completing our quick contact form.
Time effective, cost effective, personal. We do it all whilst you stay in control.