Direct Debit Guide - How Direct Debit Works | Direct Debit
 

how Direct Debit works

Once a Direct Debit is in place, it is the merchant who initiates the payments. The customer doesn't have to do anything.

It is the merchant who decides when the money comes out and how much they are going to take. Naturally, the customer has to be informed first!

And the transaction is entirely bank-to-bank. There are no cards involved and all communication happens strictly between the banks.

Direct Debit with Eazipay

With over 20 years experience in the Direct Debit collections industry, Eazipay is perfectly placed to help you save time and money by establishing regular payment collection via Direct Debit.

Setting up Direct Debits online with Eazipay, or adding a new payer for the first time, takes a few simple steps:

    • First, you just need to send us the information about your new payer
    • We’ll then give the bank five days notice that there is to be a new Direct Debit
    • On day ten, we’ll then debit the payer’s account and the funds will be credited directly into the unique client holding account which we personalise in your company name
    • Cleared funds are then transferred to your account on day twelve

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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