Looking to implement a new direct debit billing system for your business? Here are just some of the advantages you’ll experience by doing so – and why we think direct debit is a fantastic addition to your businesses payment processing.
Steady and consistent cash flow
Few things are worse than late payments. Scheduled direct debit payments ensure your business receives payment on time, every time. Whether it’s weekly, fortnightly, or monthly, an automated direct debit system is a fantastic way to improve your business’s cash flow. With improved cash flow, you’ll be able to see a clear income stream that makes way for more accurate planning, growth, and expansion.
By using a payment provider like IntegraPay, you’ll be able accept direct debits alongside a range of other features, including:
- Take payment by a variety of different payment options (credit card, debit card, directly from a bank account)
- Flexible, scheduled billing when you need it
- Support for recurring or one-off payments
Better customer retention rates
Direct debit not only helps improve your cash flow, but it can also increase your customer retention. With simple set and forget functionality, customers are more likely to stay on board for an extended period of time thanks to the convenience of automation. Accepting direct debit payments can also help:
- Reduce the chance of missed payments
- Assist customers that only have access to bank debit
- Create an easy, stress-free payment process for customers
- Provide a layer of safety and security using tokenization
The convenience afforded by direct debit means customers are more inclined to stay on for a longer period. Swapping payment systems and moving to new businesses is a hassle. Direct debit systems encourage customers to stick with what they know works.
Less wasted resources and time
Your staff are a valuable resource, and their time is better spent on work that actively improves your business. That’s why an automated direct debit system could be a fantastic cost-saving option. Once set up, you’ll be able to save thousands on unnecessary administrative tasks and human resource costs.
Fewer repetitive tasks, in turn, reduce the likelihood of human error. Automated billing systems help ensure that accounting errors or forgotten payments are a thing of the past — no more manual data entry or missed invoices! Juggling invoices from different platforms every month? A direct debit system that reconciles your business data automatically could be just the solution you need.
On top of the time savings, the security offered by an automated system is second-to-none. Payment providers like IntegraPay help to keep all your business data in a single, secure system. With a PCI DSS compliant payment provider, you can rest easy knowing that your customer’s financial information is in good hands.
The advantages of direct debit
By accepting direct debit, you’ll save money, time, retain more customers, and eliminate the headache of inconsistent cash flow. If you’re looking for a convenient way to start accepting direct debit payments, IntegraPay can help. To find out more, simply get in touch with one of our friendly payment experts and we can help you get set up with direct debit payments today.