Here at Debit Finance Collections, Direct Debits are our area of expertise – they’re what we do best and we know how to make them work for your business. Across all industries, increasing numbers of businesses are turning to Direct Debit as a method to improve growth, and there are many good reasons for this.
- They provide complete flexibility to upgrade and downgrade subscriptions or payment plans
Direct Debits allow you to maximise conversions to upgrades as customers don’t need to re-authorise their payment. Your customer just gives you a single authorisation on sign up – allowing you to take payments of any amount without asking them to do anything more.
- They reduce failed payments/churn
Traditionally, the only option for taking payments online has been to use credit cards. Roughly 5-10% of card payments fail each month due to card expiry or cancellation. This is a bad experience for your customers, creates unnecessary work for them having to update their details and worst of all, if they forget, may result in their subscription lapsing. By contrast, Direct Debit payments use a customer’s bank details, which rarely expire or change.
- They reduce internal payment and accounting admin
Direct Debits can be entirely automated, meaning that payments are automatically taken and tracked each month. This significantly reduces the time needed to manage them, allowing you more time to concentrate on growing your business and your customers to focus on their own busy lives.
If you want to discuss some of the ways that DFC can grow your business with Direct Debit, get in touch with us here.