Simplifying Direct Debit Automation
Direct Debit has become a ubiquitous payment method among nine out of ten adults in Britain for handling regular bills—a familiar and trusted payment process for consumers.
Offering this reliable payment method presents numerous advantages. By employing a Direct Debit collection service, a significant portion of your payment processing can be automated, leading to a substantial reduction in administrative time for both you and your team.
Previously, Direct Debit services were largely accessible only to larger corporations. However, the landscape has changed, and now businesses of all sizes can harness the benefits of automated Direct Debit collection services.
In this article, we’ll delve into the available options and their associated benefits.
Why Automate Your Payment Collection Service?
Ensuring a consistent cash flow for your company is crucial. However, managing multiple payments manually can consume valuable time that could be utilised for other essential tasks.
Automating payment processes eliminates the need for extensive manual intervention, streamlining the process and ensuring more efficient operations. With automation, you gain precise insight into payment processing timelines, guaranteeing a steady and anticipated cash flow, relieving concerns about late payments.
Moreover, automation significantly reduces errors, saving time and money while fostering stronger relationships with customers or clients.
For Businesses with a Service User Number (SUN)
Businesses with a SUN looking to outsource Direct Debit administration might find our Bacs Approved Bureau services beneficial. These bureaus are authorised entities that submit payment instructions on behalf of other companies.
By opting for a Bacs Approved Bureau such as FastPay, you can eliminate administrative hassles and expenses associated with processing payment instructions internally. Moreover, payments are cleared directly into your bank account, streamlining the payment handling process.
Another option for businesses with a SUN is to procure our Bacs software directly or through a SaaS model for in-house management, particularly suited for companies with larger financial teams.
Benefits include customised documentation design for professional Direct Debit instructions, Bacs rule-compliant websites and documents, and dedicated support from a Bacs Bureau account manager and trained processing team.
For Businesses without a Service User Number (SUN)
Our Direct Debit Facilities Management (DDFM) service caters to businesses without a SUN, allowing them to collect Direct Debit payments without their bank’s sponsorship.
With DDFM, businesses can enjoy timely payments, automated systems, and a simplified collection process. Additionally, you can display your company name on customer statements, reducing queries about payment destinations.
This service offers flexible solutions, tailored pricing plans, compliance assurance, ongoing support, branded document design, and a Bacs-compliant subscription portal that integrates seamlessly with your website for customer sign-ups.
Choosing the Right Solution
We understand that each business has unique needs. At FastPay, we are confident in providing tailored Direct Debit collection services, regardless of the company’s size.
If you are looking for affordable pricing and 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 Integrations to the FastPay Direct Debit Bureau, we’re committed to providing a payment solution tailored to our client’s needs.