Direct Debit Service Paper Direct Debit

Direct Debit essentially involves an organisation - for example, an insurance company, local authority or electricity company - and its customer agreeing that the organisation can collect the payment due by initiating a debit on the customer’s nominated bank account through the organisation’s bank. For the customer, the benefits are in not having to write a cheque and, provided there is enough money in the customer’s bank account, the payment of the account automatically. The benefits for an organisation stem from better management of cash flow.

It is a very flexible payment tool that allow you to debit your customer's bank account without them having to authorise each individual payment. And unlike automatic payments, you have full control and flexibility over the payments and can vary the payment amounts by invoice using the direct debit authority.

Benefits

 Cost Effective

It's cheaper than cheque and safer than cash.

 Easier Payment Collection

Collect recurring payments from your customers easily and effectively.

 Cash Flow Prediction

Predict cashflow with greater ease - you control the date of receipt into your account.

 No Chargeback Issues

You get cleared funds into your bank account (no chargeback issues like credit card payments).

 Easier Transaction Reconciliation

Reconcile transactions easily with payment history incorporated into the Flo2Cash Reporting suite.

 Realtime Account Validation

Avoid unnecessary DD failures with bank account with real-time bank account validation.

 Key Features

• Instalment monitoring
• Supported by standard Flo2Cash XML API
• Real-time bank account validation - modulus checking
• FREE debt collection