Direct Debit is quite simply an instruction from your bank or building a society that allows an organisation to debit varying payments from your designated account having given authority.
Direct Debit payment has become the most simple and convenient way to make payments for many types of business where the payments may be regular or one-offs.
The system is electronic and allows for a more efficient process than its counterparts i.e standing orders.
Unlike standing order Direct Debit allows the authorised company to debit the payments as opposed to relying on the payee or bank to make the payment. Once a mandate has been authorised and set up, that’s it from the end customer’s point of view.
There are many advantages to this authorised merchant led payment service.
- Allowing you customers to pay by instalments naturally spreads the costs which will encourage more custom.
- Flexible, Direct Debit allows the authorised collector to make adjustments to the amount and frequency of payments with ease.
- Less administration, as this is an electronic method it means that this is less time spent on checking bank statements and reconciling excel spreadsheets. SimplyCOLLECT not only offers Direct Debit but as standard, we also provide our clients with Direct Debit customer management this means we cut your administration time even more, which in the long run saves you lots of time and money.
- Safe and secure is one of the cornerstones of the Direct Debit scheme. You may have seen on some of your Direct Debit payments the words “Direct Debit Guarantee”. This is the guarantee that is payment is taken incorrectly that it will be returned to the payee.
Using SimplyCOLLECT to access Direct Debit
We provide organisations who have been suitably vetted access to the Direct Debit scheme. As part of our service, you also have access to our online Direct Debit platform where you have control over your customers.
Some of our clients use our API which talks to varying other software platforms. The key benefit of using SimplyCOLLECT for Direct Debits in your business is that we do more, we take on the customer administration to help you cut your costs and administration even further.