Eazipay sets new record as SMEs turn to Direct Debit to secure cashflow
November 19, 2020
Cambridgeshire-based Eazipay, one of the UK’s leading Direct Debit and automated payment processing companies, is celebrating a major milestone having just recorded its best ever month for Direct Debit processing and collection volumes.
A staggering £97.6 million worth of Direct Debits were processed on behalf of its clients during October 2020, representing a 24% increase (or £18.9 million) compared to the previous month, and up 11% when compared to its previous monthly record set in April this year.
Despite increasingly difficult trading conditions and the widespread uncertainty caused by the Covid-19 pandemic, Eazipay has now collected and processed a total of £771.6 million worth of Direct Debits since the start of the year – representing a 14% increase (£97.5 million) compared to the same period in 2019.
Luisa Grey, Eazipay’s Director, comments, “We still don’t really know how long the current uncertainty will last, or how deeply the impact of the current pandemic will be felt. Thankfully, for our clients, however, our latest figures show that they are back on track and possibly through the worst of it.
“As it stands our processing volumes are up 14% compared to this time last year and if things continue as they are we expect to record our best ever year in terms of processing and collection volumes at the end of 2020, which, with all things considered, will be an amazing achievement.”
A host of new companies signing up to Eazipay’s Direct Debit services over the past few 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.
“More and more businesses are realising that collecting their monies by Direct Debit is not only safe, secure and reliable, its also one of the best ways of ensuring that they are paid on time”, adds Luisa.
“If companies want to avoid late payments and the damage it can cause, then insisting that your customers pay you by Direct Debit is the simplest, most convenient, and reliable form of invoice collection. 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 an option.”
Eazipay, which employs 29 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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