Direct Debit offers certainty in uncertain times
July 15, 2020
Despite increasingly difficult trading conditions and widespread uncertainly during the Covid-19 pandemic, SMEs are turning to Direct Debit as a means of collecting payments from their customers.
Cambridgeshire-based Eazipay Ltd, a leading Direct Debit and automated payment processing company, has seen a growth in processing volumes and an increase in the number of new sales as more and more businesses choose to use Direct Debit rather than relying on costly invoicing and the risk of extended payment delays.
In June 2020, Eazipay processed over £65 million worth of Direct Debits on behalf of its clients, representing a 5% increase compared to the previous month. April, however, represents Eazipay’s best month of 2020, when just under £88 million worth of Direct Debits were processed - up 14% compared to the start of the year when £77 million was recorded at the end of January.
A host of new companies signing up to Eazipay’s Direct Debit services over the past three months have also contributed to the rise in demand for its services and its growing customer base, which now boasts over 1,600 companies in a wide range of market sectors throughout the UK, Europe and beyond.
Luisa Grey, a Director at Eazipay, comments, “More and more businesses are realising that collecting their monies by Direct Debit is not only safe, secure and reliable, but also that automated payment processes like Direct Debit is one of the best ways for ensuring that they are paid on time.
“With paperless sign up via telephone, email or online, Direct Debit is also a great option for businesses where meeting customers face to face simply isn’t possible.”
The dramatic increase in Eazipay’s volume of work, coupled with record sales over the last three months, is a clear indication that in these uncertain times more and more businesses are recognising that collecting payments by Direct Debit is the single most efficient way of controlling and regularising their cash flow.
“If companies want to avoid late payments and the untold damage that not being paid on-time carries with it, then insisting that your customers pay you by Direct Debit is the simplest, most convenient and crucially, reliable, form of invoice collection. adds Luisa.
Cambridgeshire-based Eazipay, which currently employs 31 full and part time staff, has been at the forefront of collecting and processing automated payments like Direct Debit for over 17 years.
In addition to its Direct Debit collection service, Eazipay also offers a range of other automated payment processing services including Direct Credit transactions, SEPA Direct Debits for payment collection in Euros, and a card payment service allowing its clients to collect and process customer payments via debit and credit card.
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