If your small business has ever wanted to consider accepting or initiating payments via direct debit you may have approached your bank and realised that it was damn difficult, or at least a lot harder that you first thought.
The banks have made it hard because being part of the Direct Debit system gives direct access to their Holy Grail which is called BACS -Bankers Automated Clearing System, this effectively locks out small firms from using a powerful aid to cashflow – monthly payments controlled by you the business owner.
The good news is that has now all changed. Over the last couple of months I have researched and set up a number of these for clients and they are working well.
Improved cashflow and lots of other benefits including.
- Online set up – click link in an email to confirm.
- Very low tranactions costs – less than debit card.
- Ability to offer pre or post funded budget payments.
- Easy to build in servicing or repeat costs monthly/weekly.
- Easy to increase fee's on an annual basis – which is a pain using Credit Cards/Standing Order
- Online reporting in real time.
If you are running a business of any type Direct Debit is the way forward. Retail clients are looking to spend less and less on Credit Cards. More information is available below (pdf).
Call me today to discuss the options in more detail or contact me here 0774 007 62260774 007 6226 or the office on 0845 226 91060845 226 9106.
If you don't have Direct Debit in your business you are missing out.