The main objective of a direct debit billing system is to collect recurring payments.
This blog post will enlighten you to these many benefits of choosing direct debit as your main payment method.
1. Set and forget
When you collect recurring payments, one of the best benefits of this is the convenience that it entails. Who wants to spend time collecting cash pay outs every week or month, when a billing system can just collect recurring payments for you? It is such a convenient and easy way to do it, for both yourself and your customer. Your customers will love the ease-of-use and ‘set and forget’ system, and hence will improve your customer retention.
2. Real time reports
A good debit system that will collect recurring payments for your business should make your life easier by tracking your payments for you all in the one place. We generate reports that display your finances, but Ezypay takes this one step further because we have real time reporting. This means that whenever you check your account, the information shown will always be updated, even if you had a customer or member sign up just three seconds ago. This is such a vital element to have in a direct debit billing system because if you collect recurring payments, you want all your information to be updated immediately so you don’t have to wait for it, or get given the wrong information.
3. Failed payment notifications
Unfortunately, when we collect recurring payments, there may be failed payments for a variety of reasons such as insufficient funds. However, just because a payment has failed after the first attempt of collection, doesn’t mean that you won’t ever get it. A good direct debit company should have many avenues available that your customer can use to process a successful payment. For example, Ezypay notifies you and the customer of the failed payment via email. We outline the reason why and provide the customer with a link that opens up a new payment gateway. They then have an opportunity to use this gateway to manually attempt to re-try paying for the failed payment. When we collect recurring payments, failed payments sometimes do come about, but a great direct debit company will go to lengths to ensure that we do collect these outstanding payments for you.
Some companies collect recurring payments only on certain days. At Ezypay, we collect recurring payments every single working day that the bank accepts a billing file. You can bill your clients on whichever day you wish to because our flexibility means that we are easy to fit into your business model.
Our flexibility also extends to the payments types we accept, which is all of them! Ezypay accepts all payment types including via bank account, credit card and building society. We also accept online payments. It’s all the same to us as long as we collect recurring payments on your behalf and you get your money.
The advantages of a direct debit billing company extend beyond collecting recurring payments. We are there to make your customers happier, your life easier and your business more successful than ever. Why don’t you experience it for yourself? Give us a phone call or shoot us an email and one of your friendly team members will be more than happy to help you out.