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decline in cheque usage

the perfect solution

improve your cash flow

reduce administration costs

guaranteed payment dates

Direct Debit is good for business

Cheque usage dates back to at least the days of the Knights Templar in the 12th Century. So, time for an update then!

The way we pay for goods and services has changed beyond recognition even in the last ten years, never mind the last millennium. The preference for paying for goods and services by Direct Debit is growing year on year as cheque usage declines year on year.

So why would you use cheques to accept payments when so many things can go wrong? Incorrect details, a missed signature, a wrong date are all mistakes that need a new cheque to be created and to make matters worse, more delays in getting paid. How frustrating it must be to have a cheque in your hands that is totally useless.

Even if all the details are correct, you will still wait up to five days to have access to your money. Your money.

There has to be a better way. And there is. It’s Direct Debit collection with Eazipay.

With Direct Debits you never have to wait for the next cheque run and Direct Debits are never lost in the post.

DECLINE IN CHEQUE USAGE

You would have to go back as far as 1990 to discover the golden age of cheque usage when four billion payments were made by cheque. Then the steady decline in cheque usage began.

By the end of 2014, that figure had fallen to 776 million. This decline is expected to continue and is in stark contrast to the cheques natural successor, Direct Debit – of which there were 3.5 billion in 2013.

In fact, cheque usage has been declining at an annual rate of about 12 per cent since 2008 as businesses look for more reliable, automatic ways of being paid. Why wait days for a cheque to clear when payments by Direct Debit are made in just a few hours.

With Direct Debits you never have to wait for the next cheque run and Direct Debits are never lost in the post.

THE PERFECT SOLUTION

We tailor our services to meet your business objectives. Whatever size your business is, however complex or simple your needs are, whatever sector you operate in we will create a bespoke Direct Debit collection service that perfectly dovetails with your business needs.

We never forget that it is your money and we are uncompromising in our commitment to ensuring that you receive the highest levels of support.

The perfect solution is the one that works for you.

IMPROVE YOUR CASH FLOW

Isn’t it time to turn the tables on your cash flow? Instead of cash flowing out of your business at an alarming rate, why not improve the speed and regularity with which money arrives into your bank account?

Getting paid is the most important business activity you undertake, and yet all too often it is left to the last possible moment. Figures from Bacs reveal that SMEs can spend up to £1,000 a month chasing late payments. This is too much money, too much time lost, too much effort that should be invested in growing your business.

Collecting money you are owed by Direct Debit drastically reduces late payments, gives you positive cash flow, frees up time to concentrate on your business, makes your whole enterprise more efficient and helps you sleep a little better at night.

REDUCE ADMINISTRATION COSTS

Do you know how much you spend chasing money you are rightly owed? Well according to industry research, it isn’t unusual for SMEs to be spending around £1,000 a month chasing payments.

Doesn’t it make sense to keep that that money inside the business and use it to develop your business and not spend it chasing money that is yours anyway?

By using Eazipay’s Direct Debit collection service, those unnecessary costs will be slashed because the money you are owed will be collected by us and paid to you.

Money in your account, on time, every time. Reliable, predictable, flexible.

GUARANTEED PAYMENT DATES

With our Direct Debit collection service you will never need to worry about money you are owed being overlooked or money being paid late. Because our Direct Debit collection service is fully automated, payments due to you are collected in full, on time, every time.

Direct Debit is good for business

Poor cash flow is one of the main reasons SMEs go bust. The biggest and healthiest looking order book in the world is no use if no money is coming in.

Late and missed payments continue to be major issues for businesses. A recent survey showed that well over half (60%) of businesses that experienced cash flow difficulties blamed late payments.

Getting the money in the traditional way, however, can be easier said than done. Cheques are forever 'in the post', the accounts clerk is perpetually 'on holiday', and the person who needs to sign off the invoice is always 'out of the office.'

With Direct Debit, those problems disappear instantly. With Direct Debit businesses know exactly when the money is coming in and how much they’re going to receive. It’s incredibly easy to set-up and cost effective to operate.

Eazipay Limited are authorised and regulated by the Financial Conduct Authority, number 615816 under the Payment Services Regulations 2009 for the provision of payment services. www.fca.org.uk
The Financial Ombudsman Service (FOS) is an agency for arbitrating on unresolved complaints between regulated firms and their clients. Full details of the FOS can be found on its website at www.financial-ombudsman.org.uk

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