Are you looking to set up direct debit for your business? Well you’ve come to the right place.
Direct Debit payments can be a win-win for everyone. Customers love direct debit because it creates an easy, stress free set and forget payment option. On the other hand, direct debit can do wonders for your business cash flow – ensuring you have a steady stream of customers who always pay on time.
To get started and set up direct debit payments for your business, simply follow these four easy steps:
1. Find a payment processing partner
It can can take a lot of effort to set up direct debit payments by yourself. You need to coordinate with your bank, make sure that you meet compliance requirements, and maybe do some system integration work to handle incoming payments.
To avoid the hassle, it’s much easier if you find a reliable payment partner such as Integrapay to do all the heavy lifting for you. A good partner will set up direct debit payments for you hassle-free, error-free, and as quickly as possible.
2. Inform your customers
Next, you’ll need to let your customers know that the direct debit option is available. The easiest way is to attach information to their next bill, telling them exactly how and where to sign up for direct debit payments. Let them know the benefits of direct debit, and maybe even offer a bonus or discount for switching.
3. Obtain the required documentation
The Australian Payment Network rules apply when you set up direct debit payments in Australia. They’re pretty straightforward, the most important rule being that you must obtain a direct debit request (DDR) from the customer. DDRs can be on paper with a wet signature, or you can confirm them over the phone in a recorded call. If you have a website, customers can fill out an online eDDR – often the most hassle-free option for everyone.
4. Watch your cash flow grow
Once you’ve set up direct debit payments, that’s it. Payments are automatically taken from the customer’s bank account and, if your systems are properly integrated, they are reconciled automatically too. You don’t have to worry about cash flow, your customer doesn’t have to worry about missed payments, and your accounts team don’t have to spend time chasing payments, leaving them free to focus on more productive work.
Cash flow is one of the most challenging problems for small to medium businesses, with 40 per cent of Australian SMEs having to close their doors due to cashflow issues. Intelligent payment options are one way of avoiding this issue. Talk to one of our experts today and find out how easy it is to set up direct debit payments.