Direct debits is something that you hear all the time in businesses, but what exactly does it mean?
Direct debit definition
According to the online Business Dictionary, the direct debit definition is a ‘type of preauthorised payment under which an account holder authorises a bank to pay a fixed amount (such as mortgage payment or rent) or variable amounts (such as those called for in bills or invoices) directly to a landlord, bank supplier or utility company at regular (usually monthly) intervals.
Detailed direct debit definition
As Ezypay is one of the very best direct debit companies in the industry, we have taken the direct debit definition one step further to give you a detailed account about what direct debits and in particular Ezyapy, can do for you.
As a business owner, direct debit is a great payment method from of collecting recurring payments. It is a ‘set and forget’ system meaning that once your customer or member signs up to your business or company, they don’t have to worry about having to continuously withdraw cash to pay you or go out of their way to fulfil their membership fees or subscriptions.
It is all said in the direct debit definition – your member or customer membership fees and subscription payments are withdrawn from their account in regular intervals without you or your customer having to do anything. Once it is set up the first time they sign up, our system will automatically do everything for you
While the direct debit definition tells you what a direct debit company does, it does not mean that every company is good at what they do. However, you can be confident in Ezypay as our collection rate is an amazing 99.5%. This is as close to a guaranteed payment as you are ever going to get.
Ezypay bills every working day Monday to Friday. In fact, we bill every day that the bank accepts a billing file so you don’t have to worry about which day your clients are going to get billed because a flexible payment system like Ezypay is easy to fit into your business.
The convenience of direct debit is one of the reasons why it is one of the most popular payment methods there are. By having everything done automatically for you, why wouldn’t you want to use direct debits in your business or company?
That being said, we understand that direct debits can also be a bit risky when transferring and colleting payments. When you use Ezypay however, you don’t have to worry about this as we use the latest technology and payment compliance practices to maintain the security of customer data at all times.
Even though we collect recurring payments on behalf of your business, we know that you would always want to be updated on your finances. This is why Ezypay offers detailed reports on your account. We also have real time reporting which means that every time you log into your account, your information and details will always be up-to-date and accurate and your exact financial position will be displayed.
Ezypay understands that you are very busy running your business and so don’t have the time to constantly log into your account on the off-chance that there is something that you need to know. We provide a solution to this through our email and SMS alerts. Every time there is something important happening in your account that you need to know about or if it is time for a debit to occur, we will push this important notification to you in the form of email and SMS alerts.
Some people don’t know the difference between direct debits and standing orders, which is understandable as they are very similar. However, as seen in the direct debit definition, direct debits offers the business owners more control as they are the ones control the payments. A standing order in contrast offers the customer more control. Direct debits also occur immediately whereas a standing order usually takes around 2-3 business days for the payment to be successful transferred to your business account.
Ezypay is so good at what we do that we have gone international. Our services are available in these countries – Australia, New Zealand, Hong Kong, China, the Philippines and Malaysia. Don’t miss out on this direct debit system that is taking the world by storm!
One of the best things about direct debits that is not seen in the direct debit definition is the amount of time that it saves you collecting money and completing tedious administration tasks. With all this work off your plate, it saves you major time to spend on more valuable tasks that you would much rather be doing such as making more sales and getting to know your customers.
Now that you have a detailed direct debit definition, what are you waiting for? You can have all these advantages and benefits for your business quicker than you can say “Ezypay”. If you would like to know more about what Ezypay can do for you, please don’t hesitate to contact us and one of our friendly team members will be happy to help you out.
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