Make and collect payments using Bacs, Faster Payments, Direct Debit and Open Banking. Manage cash flow, invoices, remittances and protect your business from fraud.
Effective cash collection is one of the most essential aspects of good business practice.
With 3.4 billion payments via DD in 2013 and predicted growth to 4.2 billion by 2022* the value of the DD model is clear to businesses and customers alike.
Section 1: Introduction
Section 2: The Value of Direct Debit
Section 3: Direct Debit Set Up Overview
Section 4: Streamlining Submission
Section 5: Customer Onboarding
Section 6: Communication
Section 7: Account Switching
Section 8: The Direct Debit Guarantee
Section 9: Education
Section 10: Payment Collection
A seamless model for managing the end to end invoice and collection process is key to:
Maintaining cash flow
Building good customer relationships
Avoiding unnecessary errors
Minimising administrative overhead
Today, organisations have a diverse range of cash collection alternatives; customers can pay via:
Direct Debit (DD)
Mobile payments such as PayM
Cash is the lifeblood of any organisation and businesses of all sizes rely on generating positive cashflow. Almost all companies face late payments challenges and it is estimated that small businesses alone are owed more than £250 billion in late payments (Zurich Insurance Group).
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