Corporate Direct Debit Payments

Unlike in old days, modern enterprises are highly diversified

. Times are long gone when you could get away just by buying some goods from one wholesale dealer and selling them to a bunch of retail customers. Instead, you have to depend on a variety of services like infrastructure facilities, utility services, advertising firms and financial institutes such as loan companies. If your enterprise is focusing on business fields involving lots of routine work, keeping track of expenses and making the necessary payments can be a lousy task. This is where corporate direct debit payments become great companions of your budding enterprise.

Direct Debits at a Glance

Direct debit enables others to secure their charges directly through your bank account. What happens here is that you instruct your banker about possible parties which may withdraw money from your account in exchange of the products or services you receive from them. In a sense, this is analogous to using a credit card for making payments. The major difference is that you don't have to get involved in the business in any way once the scheme is set up. Corporate direct debit payments are merely an extension of this innovative technique which associates several payees with a single bank account.

Multiple Payees

As mentioned above, corporate direct debit payments can be useful when you want to make payments to several parties. These may involve virtually any type of vendors or service providers. Common examples include electricity and water suppliers, insurance companies, loan and finance companies and wholesale dealers. In most cases, each payment in a set of corporate direct debit payments is independent of others and you don't have to pay extra attention to any of them. Each party will secure its withdrawals as required, unlike in case of standing orders where a fixed payment is made periodically to the recipient bank account.

The SUN Problem

Regardless of the fact that there are thousands of small scale investors longing to incorporate the benefits of corporate direct debit payments in their enterprises, only a few of them are actually entitled for such conveniences. The reason is that in UK, any company or organisation expecting such debit facilities should possess a service user number or SUN. However, don't get disappointed if you are still not capable of getting hold of a SUN. Outsourcing is the next best alternative since there are several "facilities managed SUN" companies like Smart Debit, ready to assist you.

by: dan

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