Direct Debit can be done either in-house or can be outsourced depending on the size of the company, its requirements and the budget that the company can allocate for the system setup. Direct Debit API needs to be properly installed by personnel belonging to experienced companies who provide these financial services. To start with, you will need to provide certain details like contact address and number, the description of the project where you want to use Direct Debit, IP address that you use for all the transactions, frequency of transactions, and types of payment you are expecting from your clients, among others. All this information would be useful when setting up the outsourcing system. Outsourcing is less expensive, takes less time to install and is not very difficult to understand in operation.
With Direct Debit API, the company can have a better control on maximum financial transactions. The date and amount of receiving payment is pre-determined (unless decided to keep it variable). If any breach, the payee would immediately receive a notification regarding the failure of complying with contract terms by the payer. Direct Debit can be setup in paperless format, where all the transactions would be carried on online without the involvement of any personal presence. A proper setup and in detail training will ensure that you can take complete advantage of the technology. Considering experience is important when it comes to selecting the service provider for Direct Debit.
Direct Debit API will give you the opportunity of letting your customers sign in directly onto the website of your company and make payments there. Customisation is possible depending on the requirements of different customers. The fees as a payee will be nominal and you will just have to pay a pre-determined cost of the transaction. The size of the transaction would not affect the cost per transaction. REST (Representative State Transfer) is considered as the best method to setup the process, and all the actions like Put, Post and Delete can be performed with simple URL submissions.
Direct Debit API would bring about a positive change in the complete process of your company. The money will be transferred securely with minimum chances of being subjected to any fraudulent activities. You will be receiving time to time notifications in outsourced Direct Debit system and all the work will be taken care of by the service provider. Better cash flow, improved focus on business, bringing customers at ease and gaining their loyalty, and the like, are some of the advantages of adopting Direct Debit system.
Direct Debit API: Setup with Fulfilling Certain Formalities