Setting up direct debit

Most people have never really thought through the process that it takes to set up a direct debit payment system. And really, that is a good thing, because the process is an incredibly boring one. Like any good system, an efficient payment system is neither sexy nor exciting at any time – at least, not until people start to realize how well it works, and how easy it is to use on a consistent basis. A reputable direct debit provider has the ability to automate one of the most important parts of your business, and to essentially facilitate the entire operation of your business.

The flow of cash into (and unfortunately, out of) your business is absolutely critical to your continued success. Obviously, without cash you will not last very long in any sort of endeavor. And having the ability to collect the cash you rightly deserve from your clients is of critical importance to being able to stay in business once your initial money runs out. And while the process of instituting a direct debit payment system into your method of operation does take some initial effort, it pays dividends (almost literally) with its simplicity from that point onward.

And the ability to simply direct debit from your clients can allow you to expand outward in ways you might never have even thought possible. The process is a fairly straight forward one, and it goes as follow.

First, you need to find a direct debit provider who will allow you to set up the direct debits. Once you are satisfied with the level of fees that a particular direct debit provider charges, you can simply sign up with them and register your business. From there, it becomes a matter of your clients.

Now, you can never direct debit from a client’s bank account without their consent. So as you negotiate your rates, you agree with and sign an agreement with your client, which will allow you (through a direct debit provider like PaymentHub) to directly debit what you are owed from their account. And from that point onward becomes automatic.

This entry was posted on Monday, July 26th, 2010 at 3:32 pm and is filed under Blog. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.