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.
- The supplier tells the bureau they want to set up a new payer and sends over the information
- The bureau gives the bank five days notice of a new Direct Debit on the payer's account
- 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
- 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.