Direct Debit Companies: What do you need to know and what should you look for when reviewing direct debit companies?
Since its introduction direct debiting has become the standard for subscription billing and membership companies to boost their income. When it comes to choosing a company that offers this method of payment, there are a number of key features you should look for when choosing a plan that works best for you.
1. Safety and security
It’s the most obvious starting point. How secure is your online account? Review direct debit companies carefully because they are not all the same when it comes to safety and security. Does the company’s online vault live up to the high standards warranted when it comes to protecting money and client data. This will depend on the technology used by the company, which brings us to our next point…
What good is advanced technology when it’s too complicated to use. An easy to use interface is a major attribute for any company, especially those business owners who are just starting up or who are new to the system.
3. Customer Service
Excellent customer service is an important feature, and it should be offered through all manner of means, whether it’s through online training, phone, email or fax.
4. Personal Preference
You shouldn’t have to be confined to using bland looking online payment forms which lack the personality of your business. The customisation options should be various enough that you’re able to reflect your company’s individuality. Your company logo is your flagship, so why not fly that flag from your form. Add your style and colour so it represents your brand.
5. Payment options
How often would you like your payments processed? Weekly? Monthly? Yearly? Having this option is handy especially when it comes to subscription based companies that want smaller amounts of cash collected more frequently, meaning a steady cash flow. Direct debit companies should offer a wide range of payment options. The type of payments accepted is an important thing to consider. Do your customers have a range of payment types available to them? Remember more options, means the easier it is for them to get cash to you.
6. Access to information
Are you able to access the data and payment information whenever you need it? How easy is it to get access and how detailed are the reports coming in? How often are reports updated? Can you review them in real time? The ability to manage and view payments anywhere at any time means you always have control over the money coming in.
The same can be applied to the access given to your customers. Do they have access to various payment options?
7. Bridging the gap
How effortless is it to distribute your online payment forms to your clients? Has the direct debit system you’re considering caught up with the social media trends of today? For instance, the ability to send your payment forms by social media is becoming an advantageous means of breaking down barriers between you and your client, making less of a division in terms of business/client relations, bringing more of a personal relationship to the fold.
The seven points we have listed above are just the start of what you should be considering when reviewing direct debit companies. Since no two businesses are alike, different systems are needed to accommodate your needs, and these are some things to consider when working with a direct debit company.