How do Direct Debits Work
Direct Debits are one hundred per cent reliable. So long as your customer has the funds in their bank or building society account the amount you are owed will be collected and paid over to you. Funds are collected on the day you specify and are paid into your account within two days.
Essentially, there are three ways to set up a Direct Debit
This simply means that you supply your customer with a printed Direct Debit Instruction form. They fill in the details which are returned to you (this can be done online). You check the details and send the form to the bank or building society. It’s that simple.
Making use of the Automated Direct Debit Instruction Service (AUDDIS). AUDDIS is an enhancement to the basic Direct Debit service. Quite simply, instead of posting a completed Direct Debit Instruction, it is sent electronically. The advantages for you are:
- Reduced set-up costs
- A reduction in the time between the bank receiving the first Direct Debit Instruction and the collection of the first payment
- Better quality of service, reduced processing delays and fewer manual steps
A Paperless Direct Debit
By encouraging your customers to sign-up to a Direct Debit at the point of sale, over the telephone or via the Internet. The advantages are pretty compelling:
- Greater accuracy when taking down customer information
- Eliminate paperwork and postage
- You begin collecting your money sooner
By appointing Eazipay as your Direct Debit collection partner, you will have access to the following advantages:
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.
Quick Non-payment Notifications
The main reason for a Direct Debit to fail is if the account we are collecting from (i.e. your customer’s) doesn’t have sufficient funds to cover the payment. However, all is not lost. If this happens, we will notify you immediately and we will re-present the Direct Debit. Re-presented Direct Debits have a high success rate.
Easily Change Payments
There will be occasions when you will need to vary the amount we collect on your behalf and accommodating those changes couldn’t be simpler. Just let us know what the altered amount is and we will do the rest. It really is that simple. And don’t forget your dedicated account manager is just a phone call or an email away if you need help guidance or advice.
Cleared Funds Transferred to Your Account
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.