Direct Debit Guide - Putting Direct Debit in Place | Direct Debit
 

putting Direct Debit in place

This section looks at how Direct Debit works. It covers issues such as set up, paperless Direct Debit, Eazipay's Facility Management Service, how a bureau works and timings.

Setting up a Direct Debit and Direct Debit timings

One of the best things about a Direct Debit system is that it's easy to set up and administer.

The first step is to set up a Direct Debit account. Big companies can do this directly with the bank, but it's an expensive and time consuming process, so the vast majority of businesses use a Facilities Management Bureau, such as Eazipay.

Once the account is set up, the process could not be easier. It involves just four simple steps.

  1. The supplier tells the bureau they want to set up a new payer and sends over the information
  2. The bureau gives the bank five days notice of a new Direct Debit on the payer's account
  3. On day ten, the payer's account is debited and funds are credited directly into the unique client holding account which the bureau personalises in the supplier's name
  4. On day twelve, cleared funds are transferred into the account.

Once the client is on the system the payments go through automatically at the frequency specified by the supplier.

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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