A direct debit or direct withdrawal is a financial transaction where a person can withdraw funds directly from another person’s bank account after providing authentication to do so. It is a method of payment exclusive to the UK and is currently used by 35 million consumers and over 100,000 businesses.
There have been many challenges with direct debit such as the scalability, overall management, integration with existing systems and international transactions. Designed to maximise automation of the direct debit process, Cloud-Based Direct Debit Software can be the solution to all these problems.
What is a Direct Debit Software?
Direct debit software simplifies the problematic task of managing and collecting direct debit for any organisation. It is very hard to collect direct debit as it has various requirements such as an appropriate notice letter, transaction codes etc. With efficient direct debit management software, the process of direct debit can be made easy.
Why Use Direct Debit Software?
Businesses are always looking for ways to make their products more price competitive without decreasing their fees or reducing their profit margins. One smart way to do this is to switch the customers to automated payment software so that they can move away from one-off large payments and onto smaller but recurring transactions.
Following the set and forget rule with direct debit software it can also be more convenient for businesses as well as their clients. Payments can be collected automatically and securely according to the schedule that best suits your organisation. Monthly, quarterly, yearly or customisable time frames can be set in the direct debit software according to your needs. This can provide you with the satisfaction of knowing that all your payments are being handled according to global standards and in the most efficient way possible.
Benefits of Cloud-Based Direct Debit Solution
Efficient Cloud-based Direct Debit solutions, let you manage your payments with ease. The opportunity to enjoy better cash flow, an improved customer service and various other hassle-free payments are other benefits of opting for a cloud-based direct debit solution.
If you are not entirely sure whether you should invest in a software of not, here are some advantages that may help you to decide to opt for this solution.
- Automation
Instead of manually making the submissions, allow the Direct Debit Solution to automate this task. All you will have to do is set a schedule for the transactions to be processed. Once the transaction is performed successfully, the software will download the report for you containing all the details which can be viewed easily. Thanks to automated representation, scheduled submissions or manually entering data will no longer be required. The software gives you the flexibility to set different payment amounts for different dates as per your requirements.
- Reporting
Some payment options, for example the direct debit payments technology from AccessPay, comes with an integrated user-friendly Reporting and Dashboard tool, which allows users to view transaction details. It provides you with an analytic functionality that lets you know about your payments and collection in real time. Moreover, an added benefit of using cloud-based software is the freedom to view reports anytime and from any device. You can access your data on the go on your cell phone, thereby providing a secure “anytime, anywhere” solution.
- Scalability
The Direct Debit software has the added advantage of saving your company from investing in expensive hardware. The cost of upgrading will not be a concern for the organisation anymore. A cloud-based direct debit platform can be easily scaled to meet increased demand in case the business experiences significant growth in the future. Now you will not have to worry about your servers being unable to manage large amounts of data, leaving you free to focus your time and energy on growing your customer base.
- Limited maintenance
Not only is the cost of hardware dramatically reduced, maintenance costs are also considerably lower with a cloud based solution. The servicing and maintenance is done by experts at the service provider’s end. It saves the company a lot of money associated with hiring in-house IT staff. Many businesses share maintenance costs and all upgrades are handled off-site, which results in low to no downtime. It also ensures that the hardware needed to run the direct debit software is up-to-date.
- Additional security
The direct debit software has an advantage of added security with the standard antivirus. Businesses will not have to spend huge amounts of cash on expensive security measures to protect their data and applications from external threats. Cyber breaches not only cost businesses a lot of money in terms of recovery, but can also cause the company to lose valuable customers due to information mismanagement.
- Quick Integration
The ERP, bank, and file agnostic tool are designed to integrate with any file type or bank so that you don’t have to wait weeks or months to be able to integrate and use the software. You will have the entire package up and running in a few days with seamless integration. The software is ‘file agnostic’ and will be able to accept your back-office files without you having to change their existing file format.
In short, a direct debit software will save you and your employee’s time by integrating with other widely-used business resources, catering to all your needs in a single package.