Collecting payments via Bacs Direct Debit represents a major advancement over manual collection methods, with the time and resources associated with making calls, drafting and mailing letters, minimised. With the right details and processes for Direct Debit collection in place, funds are guaranteed to arrive on the agreed day automatically, and debtors’ days are reduced.

By implementing paperless Direct Debit collection, businesses can benefit from:

Increased control over finances with the certainty of getting paid on time

Better visibility of cash and forecasting

Reduced reliance on spreadsheets and manual administration overheads

Why it matters?

On average, 10% of new Direct Debit Instructions fail due to inaccurate or bogus data being submitted through Bacs. For some organisations, the failure rate is as high as 20%.

Source: KPMG Report


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