Setup Paperless Direct Debit and Improve your cash flow
Paperless Direct Debit These days, more and more businesses and consumers are using Direct Debits. In the UK more than 80% of adults have at least one Direct Debit. Direct Debits arenâ€™t just popular in the UK - in countries all over the world, Direct Debits are the preferred method of monetary transactions. Direct Debits have been around for a long time (more than 40 years) and theyâ€™ve change a great deal. In the early days it involved a lot of paperwork. But now it can be paperless & internet based, making it quicker and easier than ever before.
How set up a Direct Debit? To set up a Direct Debit you simply complete a Direct Debit Instruction, obtained
from the organisation you wish to pay, and return it to them. But as we said, these days most companies will allow you to setup Direct Debits over the telephone or via the internet. You should have the following information to hand for the set up process:
Your name and address The name and address of your bank or building society Your bank or building society account number The name of your bank or building society account The branch sort code
Online agreement and record The type of written confirmation you receive (and when you get it) depends on your sign-up method, so itâ€™s worth asking this question during sign-up if you can. Normally you will be sent written confirmation of your Direct Debit instruction within 3-4 working days of the telephone call or online sign up, or no fewer than 10 working days before the first Direct Debit collection.
And remember, as soon as you sign up you are fully covered by the Direct Debit Guarantee.
Cancel Direct Debit payments from any time and ware You can cancel a Direct Debit at any time by contacting your bank or building society (they’re the ones who control your Direct Debit payments). You can contact them by writing a letter, or you may be able to cancel over the telephone or through internet banking.
If you write a letter you must include:
The name of the organisation being paid The amount being paid The payment dates The name of your bank or building society account The branch sort code
It‘s also a good idea to send a copy of the letter to the organisation you set up a Direct Debit with..
Benefits of Direct Debit Management software •
Improved cash flow
More flexibility and control
Better customer satisfaction
Increased customer retention
Bank-grade security and data encryption
Cloud technology, so no messy installation and upgrades required!
Any Questions? AccessPay CEC Winchester - Crawford Place, 259-269 Old Marylebone Rd, London NW1 5RA Connect with us:
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Published on Mar 5, 2014
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