Why Direct Debit? What are the benefits?

It is necessary to improve the customer sign up or increase retention rates? Are you looking to improve the way we make financial transactions? Maybe you want to simplify the administrative tasks of fundraising. An efficient direct debit can help you get all that and more. Here are some things to consider:

1. payment method is ascending.

Debit Direct (DD) is the preferred method to pay regular bills between taxpayers bill UK:

75% of UK adults now have at least a day and more, on average, 5 are in place
81% of users agree that DD is convenient
73% agree that DD is a securely and reliably to paying bills
7 to 10 days you agree that save time.
The direct debit has been going for over 40 years, and the volume continues to increase. In 2011, more than 5.7 billion UK payments were made this way.

2. It offers advantages for customers:

The following are some of the advantages for customers of direct debits:

flexible, which is better for your budget
peace of mind-you will not forget to make a payment or fail to get to the Bank on time
convenient and save time
often there are incentives to pay by direct debit, cashback, vouchers etc.
are portable and can be moved to the side of a bank account
all payments are protected by the guarantee (which protects the customer from any errors in payment processing)
perceived as safe. Direct debit fraud is rare and less common instances of credit/debit card fraud.
3. It provides benefits for your organization (Service User):

The following are some of the advantages for your organization:

cheaper than cheques, safer than cash
the organization controls the funds received to your account
funds are cleared on a given note-best financial planning
flexible-can be variable amounts, variable Dates
can eliminate reconciliation takes time and requires few administrative hours to process collections
can improve your conversion sales requests.
4. it should not be complicated to set up a new system.

Typically it will take a minimum of 6 weeks to set up a new direct debit system. The Bank shall approve the scheme; approve all documentation (against the provided templates) and will release a number of unique service user. Once you have had training and have decided on a method of gathering in-house or outsource, you’ll be ready to start. Remember, Clear Academy can guide you through all these steps.