2015 was yet another record breaking year for Bacs Payment Schemes Limited (Bacs). The company behind Direct Debit in the UK shattered previous highs for payments passing through its system, processing more than six billion transactions throughout the year.
On one day alone, in July, Bacs processed a massive 103 million Direct Debits and Bacs Direct Credits – that’s 6.7 million every hour the system was open, or 111,000 transactions each minute.
A London-wide campaign has delivered an impressive £2.5 million in cost savings for local authorities since 2010, simply by increasing the number of people paying council tax by Direct Debit.
The campaign, run by Bacs Payment Schemes Limited (Bacs) – the not-for-profit organisation behind Direct Debit in the UK –has seen councils across the capital benefit from the efficiencies delivered through increasing the number of those switching to Direct Debit.
Luisa Grey, a Director at Eazipay Ltd, one of the UK’s largest and fastest growing Direct Debit bureaux, shares her views and expertise on how to make debt collection just that little bit easier.
If you could create your perfect Christmas list, what would it look like? An end to famine and war? A solution to climate change? Cadbury's Crème Eggs being available all year round?
For many small businesses, one of the things they'd like Santa to stuff into his sack (although obviously not on top of the Crème Eggs as they might get squashed) would be an end to the chore of debt collecting.
Regular household bills are rising relentlessly despite inflation remaining flat, according to figures from the newly launched Bacs Bill Tracker, created by Bacs Payment Schemes Limited, the people behind Direct Debit in the UK.
A “basket” of the most common household bills paid by Direct Debit - including energy, water, mortgages and rent, council tax, broadband and phone, TV licensing, and household insurances – has been tracked, with historical data used to look back as far as 2007. And the data shows the average amount paid out has gone up from £565 in pre-recessionary June 2007 to £668 in June 2015.
Figures released by the Bank of England in June show that bank lending to small and medium sized businesses rose by more than £600m in the first three months of 2015.
Many companies, though, still find it hard to get their bank to say yes, and for others banks might not be the best source of finance anyway. So if you are struggling, to where can you turn? Luisa Grey takes time out from her duties as Director at Eazipay Ltd, one of the UK’s largest Direct Debit processing companies, - and being a “been there got the tee shirt” sort of woman - to run you through some of the options.