Direct Debit for Small Businesses
Whichever way you look at it, running a small business is tough. It shouldn't be, but it is. One of the biggest bugbears among SMEs is the constant nagging, debilitating worry over being paid on time.
Many SMEs live from month-to-month and if cash doesn't come into the business on time and in full each month, the consequences can be unthinkable.
In a recent survey, 25 per cent of SME owners said they relied on bank overdrafts to make essential payments. Some 28 per cent of SME company directors say they reduce their own salaries so that working capital can be kept inside the business.
Really? Is that what we are in business for, to service debt and have sleepless nights?
It's your money. You have supplied the goods or services and now you expect to be paid. However, there is a chasm of uncertainty between expecting to be paid and having the cash in your account and available to use.
If SME's had access to the same collection methods that large companies have, the problem would be virtually solved over-night.
Well, if you partner with Eazipay, you will have. You see, we are authorised to collect Direct Debits from your customers and put the money (your money) into your business bank account within three working days.
It doesn't matter if you collect scores of Direct Debit payments each week, or one or two each month. We will collect the money you are owed on time and in full. We are also authorised to collect Direct Debits from your overseas customers which massively reduces the risks of not being paid.
Trading with customers across Europe sounds great, and it is. But how would you pursue a bad debt in France or Poland? With our SEPA Direct Debit collection service, that risk is virtually eliminated.
We can even help you expand your customer base by giving you access to our new secure payment services which allows you to take debit or credit card payments directly (and in real time) from your customers over the phone, or through your website.
It's your business to generate sales. It’s our business to make sure you are paid when you do.
Using Direct Debits to collect payments is not only good for your business; it is also good for your customers. Your business has the benefit of a guaranteed cash flow and, as long as your customers have the resources in their bank accounts at the time the Direct Debit is called for, we will collect it for you.
For your customers, Direct Debit helps them to budget each month and there are no hidden surprises.
One of the major benefits of Direct Debits, however, is that for most of us, they are a very familiar way of paying for goods and services and are extremely easy to set up for you and your customers. They are also very easy to amend, or even cancel.
Once a Direct Debit has been set up, that’s it. The money you are owed will now be collected on time, in full, and on the day that you want it.
If the amount needs to be amended, that’s simple too. And admin time together with invoice chasing time is dramatically reduced. So not only is your cash flow improved but your business is saving money because of increased efficiencies.
The Direct Debit Guarantee protects your customers in the event of the wrong amount being taken, whether in error or fraudulently. In these instances, your customer is entitled to a full and immediate refund from their bank.
The Guarantee also entitles customers to be informed of any changes to their Direct Debit, before they come into force, and allows them to cancel the Direct Debit at any time.
All of these protections are enforced by the banks and refunds and cancellations happen without any discussion with the merchant.
More and more customers now expect to pay for their purchases using a card when they are shopping, or to pay for goods and services when they are online. In fact, according to the UK Cards Association, four in every five pounds of spending at British retailers is now made through debit and credit cards.
For small businesses, therefore, the decision on whether or not to accept card payments is an important one and shouldn’t be overlooked. It can make a big difference to everything from the day to day running of your business to managing your cash flow and increasing profit.
Eazipay recently expanded the range of payment processing services we offer and have launched a new Payment Gateway, which allows you to collect and process credit and debit card payments from your customers.
It’s fast, secure, incredibly easy to set up and will allow you to offer a card payment service via telephone or from your website. Call us now to find out more.
Eazipay recently branched into the Single European Payment Area and is now a successful SEPA Agent, which allows us to provide a SEPA Direct Debit service to clients wanting to collect Euro’s.
SEPA is an initiative to establish a truly integrated European payments landscape where Euro payments are subject to a uniform set of standards, rules and conditions and can circulate as easily, quickly, securely and efficiently as the UK Direct Debit collection.
We're extremely proud of all the accreditations and affiliations we've collected since we started out 15 years ago. They are further proof that Eazipay is a professional, customer focussed company, able to supply top quality Direct Debit services to your business.
These accreditations and affiliations have come from respected industry bodies. They trust us to deliver; so can you.
- ISO 9001:2015
- Bacs Affiliate
- Bacs Approved Bureau
- FCA Direct authorisation
setting the gold standard