Main reasons behind choosing the services of direct debit are: reduction in the processing
time of payments, knowing about the payment status and being assured that you will receive the payment on the decided date, and improving the overall efficiency of the company. The direct debit would let you focus on your core business than worrying about other things like receiving of payment or contacting your customers to request them for payments. Once the payer gives the authority, then you will be receiving payment on a timely basis every month or weekly as decided by you. Setting up of the right Direct Debit Software is needed for the smooth performance and integration with the service provider.
Even banks these days encourage the usage of Direct Debit because it is easier, secure and faster means of transferring funds. BACS is the organisation that approves the Direct Debit transactions. But even if your bank is not Bacs approved, they can still provide you with the service of Direct Debit. Involving your bank would make things easier for you in setting up of the Direct Debit software as well as interface because without a valid bank account no one can avail of a direct debit service. Banks will only give you good information regarding the best companies present for availing the services of Direct Debit at minimal costs and maximum benefits.
The setting up of Direct Debit Software is largely influenced by what kind of sourcing your organisation selects. If you are opting for in-house sources then you will need to use expensive software and learn its complete processing system. The technology could be complicated and will need the assistance of experts all throughout. If your organisation has limited personnel and you do not have any issue in outsourcing your collections, then you can rely on a direct debit service provider. It would take just a few hours to understand the system, and you will always have the convenience of having a service provider take care of all your direct debit processes.
The use of Direct Debit Software would be influenced by the method of replacement that you are going to use, if it is just going to be added to the existing methods or would be a totally new system in your business will also influence the software that would be brought into use. The installation cost is very low and there would be lesser time taken to adopt the new software.