How Does Managed Direct Debit Work? Seven Simple Steps
1. We provide you with a personalised SUN (Service User Number)
Your unique SUN unlocks the power of Direct Debit for your business. With it you can start to collect regular customer payments efficiently and reliably. Your SUN is also the key to offering afully branded service: your company details, not ours, will appear on customers’ bank statements. You’ll enjoy brand awareness, transparency and trust.
2. Your customer completes a Direct Debit instruction form online, over the phone or on a paper mandate
Each completed DDI, gives you authorisation to start collecting payments. You can expect a set amount on a set date for an agreed period of time. Provided you give your customer advance notice, you can change their payment plan to suit your needs. Not sure what information you need to collect? FastPay can guide you through the process and provide branded Bacs-approved webforms, phone scrips and paper mandates to make the job even simpler.
3. You send us their account details, the amounts you wish to debit from your customers and the nominated collection date
Simply upload the details to FastPay, select a collection date that's it, job done. Reassured that the payment is under control, you can focus on the everyday demands of your business. FastPay will take care of everything from now on.
4. We prepare and submit those details to Bacs for collection and your customer's account will be debited
The payment wheels are now in motion. You can trust FastPay's experienced experts to oversee each transaction professionally and diligently. You'll also be freed from time-consuming admin and the awkward job of chasing late payments.
5. The Amount will be credited to a Client Trust Account
Your payment has almost reached your bank account. First it needs to be held in a Client Trust Account to meet the strict regulations set by Bacs. We take security seriously. Your money is held in a separate account to prevent cross-contamination. Additionally, we have a failsafe guarantee with our sponsoring bank thanks to a legally binding indemnity.
6. We pay the money into your bank account once the funds have cleared
With funds swiftly cleared, your customer's money will appear in your bank account. You'll receive the right amount on the right day, as expected. Any issues will be highlighted in reports emailed to you and a comprehensive remittance breakdown. An up-to-date overview to give you complete control.
7. You check your account and are reassured that payments have been made successfully
Payments will reach you on time with minimum admin and maximum efficiency. With money in the bank, you'll have confidence over cashflow and customer satisfaction.
Your unique SUN unlocks the power of Direct Debit for your business. With it you can start to collect regular customer payments efficiently and reliably. Your SUN is also the key to offering afully branded service: your company details, not ours, will appear on customers’ bank statements. You’ll enjoy brand awareness, transparency and trust.
Each completed DDI, gives you authorisation to start collecting payments. You can expect a set amount on a set date for an agreed period of time. Provided you give your customer advance notice, you can change their payment plan to suit your needs. Not sure what information you need to collect? FastPay can guide you through the process and provide branded Bacs-approved webforms, phone scrips and paper mandates to make the job even simpler.
Simply upload the details to FastPay, select a collection date that's it, job done. Reassured that the payment is under control, you can focus on the everyday demands of your business. FastPay will take care of everything from now on.
The payment wheels are now in motion. You can trust FastPay's experienced experts to oversee each transaction professionally and diligently. You'll also be freed from time-consuming admin and the awkward job of chasing late payments.
Your payment has almost reached your bank account. First it needs to be held in a Client Trust Account to meet the strict regulations set by Bacs. We take security seriously. Your money is held in a separate account to prevent cross-contamination. Additionally, we have a failsafe guarantee with our sponsoring bank thanks to a legally binding indemnity.
With funds swiftly cleared, your customer's money will appear in your bank account. You'll receive the right amount on the right day, as expected. Any issues will be highlighted in reports emailed to you and a comprehensive remittance breakdown. An up-to-date overview to give you complete control.
Payments will reach you on time with minimum admin and maximum efficiency. With money in the bank, you'll have confidence over cashflow and customer satisfaction.
