At Debit Finance, we cannot rate the benefits of Direct Debit highly enough. We built an entire business around it for that reason!
One of the greatest rewards associated with this payment model is the sheer cost savings it can have for your business. Find out more on how Direct Debit’s can save your business money:
Cost efficiency compared other payment methods
Direct Debit’s can quite literally save you pounds. If you accept credit cards, you can expect this to cost two to three per cent per transaction, as well as a flat fee of 20-30p. Direct Debit proves a much cheaper alternative than cash, cheque and card.
Time on administration
Time is money. Any time spent focusing on payment management is time that can be spent elsewhere. Everything beyond setup (which can be completed quickly and conveniently using DFC’s online joining portal, FastDD) is automated. It requires little maintenance outside of payment tracking and monitoring.
Paperless payment storage is free
Direct Debit’s are as great for the environment as they are convenient. Every piece of Direct Debit documentation you receive needs a home. Thankfully, the majority of Direct Debits are paperless so there’s no need to fork out money for tangible filing and storage – good news for you and the planet.
Cash flow convenience
Late payments are a particular bugbear to all finance departments. Without knowing when payments are coming in, it’s very difficult to manage internal finances. By using Direct Debit, you can rest assured that specified amounts are coming in at specified times. Forward-thinking is crucial to business – luckily Direct Debit’s make it easier to plan ahead.
Gyms and insurance companies are just some of the examples of businesses who offer monthly payment breakdowns, often on annual contracts. In setting up Direct Debit payments, the customer has agreed they are happy to relinquish this money to you, and your business is guaranteed income over that period.
Direct Debits can save money for your customers, so what better way to cement their loyalty? Flexible payment dates, cost spreading and the value it can have on their credit score all play a part in maintaining their trust, making them more inclined to stay with you than use a competitor.
At DFC, we go above and beyond to uphold fantastic customer service. We’ve even opened our call centre on a Saturday to ensure no request goes unheard. Happy customers mean a happy business. Our mission is to help you improve your relationships with your customers so that they stay longer.
You can leave us to collect your Direct Debits, while you concentrate on running – and growing – your business.