It’s very simple really. Your customers fill in one single form (or you can do it) telling their bank that they want to pay you an amount of money on a particular date in the month.
Now, many businesses which could benefit from collecting payments using Direct Debit can’t because banks use a sophisticated risk analysis process which cuts out many small to medium size companies from accessing Direct Debits. This is where we come in.
As a Bacs accredited and authorised bureau, we work in between the bank and the customer. This means that we collect the Direct Debit for you, and then we transfer the money to your business account a couple of days after we receive it. Simple.
If the money isn’t available to collect, we will let you know within twenty-four hours so that you can follow up with your customer. We will then re-present the failed Direct Debit. Re-presented Direct Debits have a high success rate.
We have been doing this for over twenty years and have worked with thousands of companies, large and small. Some have complex Direct Debit needs, some are simple and straightforward.
Whatever their needs and whatever sector they operate in all our customers have one thing in common, one thing that unites them: they all derive a direct financial benefit from using Eazipay’s Direct Debit collection service.
Working with us to collect your Direct Debits couldn’t be easier. There are just four steps. You do the first, we do the other three:
- Send us the details of your customer
- We give the bank five working days’ notice of the new Direct Debit
- On day five we can collect the Direct Debit for you
- Two days later cleared funds are transferred to your account
How does that compare with your current payment collection process?
Let’s put that into perspective. According to Bacs’ research, small to medium size companies are spending £10.8 billion every year chasing late payments. That’s almost £11,500 each or £995 a month.
Our clients don’t figure in those figures because we make late payments a thing of the past.
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.
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.
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.
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 e-mail away if you need help, guidance or advice.
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?
The Guarantee is offered by all banks and building societies that accept instructions to pay Direct Debits. If there are any changes to the amount, date or frequency of your Direct Debit the organisation will notify you (normally 10 working days) in advance of your account being debited or as otherwise agreed. If you request the organisation to collect a payment, confirmation of the amount and date will be given to you at the time of the request. If an error is made in the payment of your Direct Debit, by the organisation or your bank or building society, you are entitled to a full and immediate refund of the amount paid from your bank or building society.
If you receive a refund you are not entitled to, you must pay it back when the organisation asks you to. You can cancel a Direct Debit at any time by simply contacting your bank or building society. Written confirmation may be required. Please also notify the organisation.