Stress free Direct Debit for business
One of the worst aspects of running a business is chasing money. Whether you do it yourself or get one of your employees to do it instead, it's expensive, time consuming and stressful. Some customers forget, some don't pay on purpose and come up with any number of ever more dubious excuses, but the effect on you and your blood pressure is much the same.
And it can have a real impact on your cash flow. If you've budgeted for some money to come in at a certain time and it doesn't appear, then paying your own bills or investing in the future can be put into doubt. The number of companies who have gone into receivership despite having a healthy order book because they haven't been paid is legion.
Direct Debit can take almost all that stress away from you. Direct Debit means you know what date the money is coming in and how much it will be. At a stroke, chasing invoices and having to re-juggle your budgets becomes a thing of the past. You'll not only save on your admin costs (or if you're doing it yourself have more time to build the business) but will also gain peace of mind, and you can't put a price on that.
Direct Debit is good for all businesses but is particularly beneficial when you are taking money off someone on a regular basis. A property rental company, for example, might find Direct Debit an extremely cost effective way to collect rent, whilst a gym that uses Direct Debit for its memberships will spend much less on its admin.
Direct Debit can also help with retaining customers. There's nothing like actively spending money to make customers question whether they could get a better deal elsewhere.