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.
It’s that easy and once your clients are set up the payments go through automatically at the frequency you specific – weekly, monthly, or as infrequently as once a year.
Eazipay offers total support every step of the process and once the system is up and running our expert staff are always just a phone call away should help be needed.
Collecting the money you are owed is as easy as…well, setting up a Direct Debit. Simply give us the information on who to collect from, when and how much and we will do the rest.
So you can concentrate on growing your business secure in the knowledge that your cash flow is being protected.
No system is perfect. And even we, with all our experience and accumulated knowledge can only collect your money if it’s available in your customer’s account on the day we collect it.
However, all is not lost. If a Direct Debit fails we will let you know within twenty four hours so that you can contact your customer. We will then re-present the Direct Debit ten days later and re-presented Direct Debits have a very high success rate.
Making changes to an existing Direct Debit is both easy and painless. You may need to review your pricing at some point, or you may have to apply a new VAT rate for instance. All you have to do is advise your account manager and they will do the rest.
Naturally, with so much power in the hands of the merchant, the customer needs to be protected, and this comes in the form of the Direct Debit Guarantee.
This Guarantee protects customers in the event of the wrong amount being taken, whether in error or fraudulently. In these instances, the customer is entitled to a full and immediate refund from their bank.
The Guarantee also entitles customers to be informed of any changes to their Direct Debit, before they come into force, and allows them to cancel the Direct Debit at any time.
All of these protections are enforced by the banks and refunds and cancellations happen without any discussion with the merchant.
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.
Once we have the account details and we know how much to collect and when, you can leave the rest to us. Once the Direct Debit has cleared into your own dedicated account at Eazipay we will transfer it to your own business account. The whole process takes about three working days. How does that compare to the way you collect payments at the moment?