Are you thinking of improving your business? One way you can do that is to set up direct debit for your company. This option offers a convenient and secure payment method for your clients. For one thing, they won’t forget their payment due dates. It fosters a stress-free way of paying and provides a layer of security because direct debit offers state-of-the-art encryption to protect sensitive information.
Similarly, this payment scheme can do wonders for your company’s cash flow. It ensures you have a steady influx of payments coming from a loyal set of clients. With guaranteed, timely payments, you can make better plans for your business. If you’re thinking of setting this up for your business, you can do it seamlessly. Check out the following suggestions to help you get started:
Choose a Reputable Payment Processing Partner
You can’t take your time and attention away from your business; so you need to work with a reputable payment partner. It takes a lot of arduous work and effort to set up direct debit payment by your lonesome. Hence, it is better to collaborate with a partner to ensure you meet your client’s requirements. You may need to comply with several regulations and perform system integration with your current setup to handle incoming direct debit payments. With the right payment processing partner, they will do all the tricky work for you. You can rest easy knowing that their professional expertise and experience lets you enjoy an error-free set up ASAP.
Notify the Clients of New Plans
After setting up the system with your partner, you need to notify your clients that they now have this payment option at their disposal. You can inform them in various ways. Send a newsletter, provide details via SMS, or put a notice on your business’s landing page. You can also attach a note on the next billing statement. Whatever method you choose, don’t forget to provide specific information so they can sign up for this service right away. Include the benefits of selecting this option. For best results, throw in an offer such as a 10% discount for making the significant shift.
Prepare All the Necessary Documents
When you set up a direct debit system for your business, it hinges on rules. In Australia, the Australian Payment Network has stipulations about direct debit options. The regulations are elementary and straightforward, so you can readily comply. The most crucial principle you must remember is to obtain a direct debit request from your client. You can secure one using the traditional way with a paper and pen or seek confirmation over a recorded phone conversation. Apart from that, you can seek the signature online via your website. Ask your clients to fill out an online form and give a digital signature. With so many options, you can indeed move forward with times.
Enjoy a Hassle-Free System
Once you have finally established a direct payment option, you can watch your business’s cash flow grow. With this in place, payments are now automatically withdrawn from your clients’ respective bank accounts. If proper integration from a reliable partner is implemented, you can reconcile everything seamlessly. With predictable and consistent cash flow, you can stress less and make better plans for your company’s growth. At the same time, your clients will no longer have to worry about missing payment deadlines. It is undoubtedly a win-win situation for all parties concerned!