Direct Debit is a method of making payments for your bills wherein the authorised organisation will automatically take money from your bank account, according to your instructions. This method is straightforward and convenient, ensuring that you can make payments from your current bank account.
To authorise this form of payment system, you have to provide an instruction to your bank which authorises certain organisations that you want to pay to collect certain amount of money from your current account. However, the organisation must also provide you with an advance notice of the amounts they will withdraw and the dates of collection. If you have agreed to the terms set by the organisation, the money will be collected automatically. If there are any changes in the amount or the date of collection, the organisation must let you know about it first.
Why Should You Consider Direct Debit?
You can save money: This is one of the best reasons why you must consider direct debit. There are a lot of organisations that find this payment method very convenient and efficient. For this reason, there are a number of organisations and business establishments that offer discounts in return when you pay them through direct debit. These discounts can go a long way for your savings since it will eventually add up substantially.
Spread out your expenses: In relation to saving more money, using this method also helps you spread out your expenses over a certain period.
Save time: Another reason why you need to consider direct debit is the fact that it is a very convenient method of payment. It is also very accessible thus making it possible to make payments without the need to physically go to the establishment. This takes away the hassle of paying the bills, and puts an end to lining up at the bank and filling out forms.
Assurance that payments are made on time: With this mode of payment, you don’t have to worry about missing payments for your important bills. Payments are made automatically so you don’t have to worry about losing the payment in the post or delayed postal issues.
This payment method is definitely convenient and simple. This system will improve your cash flow and you won’t have to deal with a lot of paper work. It is also very secure, since you will receive advance notice if the date or the amount changes, and you can easily cancel when you want to.
Direct Debit: Your Payments Made Easy