Direct Debit can be a cost-effective course of action through which an individual gives ones bank permission to debit any amount of money on a specific day or time out of a designated account. For instance, you may have a monthly car insurance payment due on the 28th of each month; with Direct Debit you can easily give permission to your bank to allow your car insurance company to automatically withdraw the money owed out of your account each month. In addition, you are in all control of the length of time debits are to be withdrawn from your account, ranging from a few months to years.
Benefits of Direct Debit
There are several positive aspects to using Direct Debit in contrast to any other type of payment. When just one account is operated to repay a debt continuously, it assists the individual to monitor the money flowing into the account and whether or not there is a shortage that needs to be accounted for. Moreover, the payments are consistent so you can verify the funds within the account are sufficient prior to the withdrawal date.
With SmartDebit the responsibility of payments are left to the bank so there will not be a need for the client to remember any specific dates each month or amounts of payments unless the funds are lacking in the account, which is the only instance where you might need to go to your bank and have your funds replenished.
Direct Debit improves the speed and productivity with which payments are made as it is always taken care of from the bank. The payments are made on time and as an added convenience most banks communicate with their clients if there are not enough funds to cover the upcoming withdrawal; there is no need to worry about incurring penalties or increased interest rates due to late payments!
Direct payments outside the bank also enhance the security of payment. There is no need to use on-line payments, which more often than not fall prey to cybercrimes like hacking of payment portals and misappropriation of money to other records. Furthermore, when credit card information is provided over the internet, there is the common danger of credit card fraud.
Direct Debit is also environmentally friendly as it aids you to reduce the amount of paper since there are no forms to be filled or letters to submit. Considering that the payments are made directly to the payee from the client's account, clients do not have to travel back and forth to the bank each day, week or month. Not only does this save enough time and energy, but also transportation costs.
Normally used within the United Kingdom which focuses more regarding loan repayments, renewal of subscriptions and recurring fee payments, Direct Debit offers customers the convenience of giving their bank standing instructions, ensuring sufficient funds are inside their account and best of all the comfort of having an idea about their financial responsibilities are taken care of no matter what other stresses they may have on their plate.
Direct Debit is the preferred method of payment by over half of the UK's bill-paying population for making one off, regular or ad-hoc payments. Direct Debit collection is more popular than payment by cheques, cash, credit and debit cards. Visit our website for more info: http://www.smartdebit.co.uk/
The Benefits of Using Direct Debit from Smart Debit