Direct Debit isn’t just great for your business, it’s great for your customers too.
In the UK, 80% of the population currently have at least one Direct Debit, with the average person having no less than 6 Direct Debit payments in place.
In this post, we explore the key benefits of this popular collection method for payers. Learn why Direct Debit can be more preferable to collecting fees than via standing order, Bacs payments, invoice or cheque from a customer’s perspective and how your business can make the Direct Debit switch today.
Advantages of Direct Debit for payers
They are safe
Direct Debit is a safe and secure method for collecting automated payments. Customers have reassurance that by using this trusted form of payment, fraud is highly unlikely.
Customers are also further protected by a number of Direct Debit safeguards. By comparison, cheques can be susceptible to damage and loss.
There is no risk of late payment penalties or further charges
No customer wants to have the embarrassment of a forgotten invoice. And no business wants to spend unnecessary time chasing outstanding payments.
Direct Debit eliminates this by automatically taking agreed payment amounts on set days. Customers can rest assured that their payments are taken care of and that they will not be at risk of incurring late fees for forgotten invoices.
Choosing Direct Debit as a payment method can also help protect customers against other collection charges such as any credit card fees or CHAPS processing fees.
Direct Debit helps you budget
One of the major advantages of Direct Debit for customers is flexibility. Unlike a Standing Order, Direct Debit payment amounts can be varied, helping customers to budget and plan their expenditure.
This can be especially useful for project based work where payment corresponds to certain milestones.
You can read more about the advantages of Direct Debit over a Standing Order here.
They are hassle free and convenient
Direct Debits can be set up easily and leave behind the hassle of posting cheques or ringing up to pay over the phone. Customers benefit from saving up to 7 hours a year by automating their payments with Direct Debit collection.
How to give your customers the Direct Debit advantage
FastPay is an established Direct Debit provider situated in the North West. We are a Bacs-approved Bureau and Bacs Affiliate, helping businesses and their customers to access the benefits of Direct Debit.
By choosing FastPay as your cash flow solution, you have a dedicated UK based team with years of experience on your side. We pride ourselves on a professional, personable service and can get you set up and collecting within 24 hours.
Contact FastPay today
For a no obligation discussion about making the switch to Direct Debit call 0161 737 5290.
If you don’t have time to talk right now, complete our quick contact form to request more information about our services.