There have been many technologies introduced in order to receive payments from customers. But most of them are very expensive in transactions like collecting payments through checks which would be charged by banks, credit card payments would be accompanied by high interest rates or transaction fees, and sometimes there would be a delay in receiving payments because of the standing orders. All these can be very frustrating, especially for not-profit organisations because it will be a hindrance in their flow of work. With the introduction of Direct Debits, things have got smoother and receiving recurring as well as occasional payments is much easier now.
Direct Debits are the dependable way of receiving payments for non-profit organisations. Most of these organisations receive donations on regular basis from members or donors and these are the only sources of cash flow in the organisation. There is an improvement in the cash flow and the organization can have complete control on receiving payments. The organisation can enter into an agreement with the donors or members with the assistance of the service provider, and once the agreement is made, then the organisation can be assured of receiving payments continuously on the selected date and time with the chosen amount.
Paperless Direct Debits can be promoted for signing up of new members wherein the donors as well as members would be encouraged to sign up on the website of the organisation and make donations. Direct Debit is the perfect solution for receiving weekly or ad-hoc payments with maximum convenience and completely eliminating the usage of paper with secure networking solutions. It is advised to opt for private sources for meeting your direct debit needs because the services offered by banks might be limited or banks might be charging higher rates of interest, which would not be feasible for non-profit organisations.
Direct Debits have been found perfect for many non-profit organisations. Charitable events and organisations can be benefitted with this method because there would be elimination of waiting time and you will exactly know when you would receive the payments and in what amount. Because making payments is easier, even the donors and members find it convenient and continue being connected with the organisation. You can get rid of all your payment headaches. The procedure to start up is very simple and even in this simple procedure you will be guided throughout by the service providers.
Benefits of Using Direct Debits in Not for Profit Organizati