Bacs services have always been well known for transferring money and making payments, but not all of them work equally effectively and most of them are extremely slow and have the issues of standing orders. It is important to gain control of receiving payments to know the exact position of your resources and ultimately reducing your overheads with proper planning. Direct Debits gives you the chance of improving the cash-flow as soon as the process is induced in the day to day work. Initially you might have to make certain investments for installing the system, but gradually with the reduced monthly expenses it would be an advantage for the complete performance of the organisation.
Processing Direct Debits
The service providers of Direct Debits give complete explanation about how the process needs to be implemented and worked. All the merits and demerits are explained in clear details so that you will know everything and be able to use the setup to your full advantage. This information would help you to decide whether you want to integrate the system or not. Once you decide upon the system, you need to setup the Service User Number (SUN). This number is necessary because it would appear on the bank statement of your clients’. With this your clients would be able to know about where the cash is being transferred. If you do not have the number, then you will be assisted by the service provider. It is possible to sign up the customers only after you have this identification number.
Why Use Direct Debits
Direct Debits lets you have the freedom of making new customers join at any point of time once the setup is done. Even the paperless facility is provided, although it might take about four weeks for the setup to be completed. The paperless transactions would facilitate you with the option of involving your clients through internet and phone as well. Once the setup is finalised, you can start with inviting your clients to enter into a contract wherein the date of payment and amount would be decided.
Importance of Implementation in Direct Debits
In order for the direct debit to be as successful as possible, it is important to acquire an implementation document because only this would give you the complete details about the total setup. You will always be assisted whenever needed by the organisation in managing or controlling the processing of direct debit. Monthly reports would be provided for your review, thus assisting you in monitoring the complete monthly activity of this system.
Setting Up with Direct Debits Service