In 2016, more than 60 billion financial transactions were made using a debit or credit card. Yet for as convenient and fast as these cards are, business often suffer the downside of the various limitations that they present to collecting payments from their customers. An example of this is perhaps the customer has had to change a card due to it expiring or being lost or stolen. Maybe they’ve reached their credit limit or balance and don’t have enough money to meet their financial obligations or purchases.
These situations and many others can be annoying and costly to businesses, especially for businesses who rely on collecting recurring payments from the goods or services they provide their customers. Every member of your staff as responsible and every hour of your time is vital to the development and profitability of your company. Missed payments for any reason means that you or one of your staff needs to chase down the customer to better understand why the payment was missed and to resolve the issue as quickly as possible.
Thankfully, there is an alternative to solely using credit cards as a payment option to run a business – direct debit software solutions.
Direct debit removes the need for card numbers, expiration dates, and worrying about missed payments. The customer allows you to make withdraws of specific amounts an agreed-upon day directly from their bank account. This means that you have instant access to your customer’s payments as opposed to debit and credit cards which can take up to 72 hours to process which often leaves you unable to access the payment right away.
Many direct debit providers will help you set up their solution so that you can start offering the option to your customers as quickly as possible. However, before you run out and sign up with the first company that offers to set up your account you should do some research into which companies have the most to offer you. You can start by answering a few simple questions like how much the potential company will charge you per transaction? A few dollars per transaction may not sound like a lot, but when you are running a couple of thousand transactions throughout a contract, those few dollars add up.
Another question you should answer is whether or not their systems integrate with your bookkeeping software. Many direct debit companies don’t have software that fits every bookkeeping software out there. Choosing a company that doesn’t integrate completely could result in not being able to take advantage of time and cost-saving options that you might have access to and can result in lower levels of customer satisfaction.
Finally, you should see what kind of options the company offers you as a client. can choose from. Options such as notifications of failed payments which will quickly inform you of any payment problems, the ability to access different types of currency which can allow your business to access the international market and what kind of payment options your customers can enjoy to best meet their lifestyle.
These questions will help you to choose a Direct Debit company that will best work for your company. This will help you retain valued customers with the many advantages that Direct Debit has to offer them.
About the Author
Pay Advantage is Australia’s leading payment solutions provider, offering a number of convenient and flexible payment options to small and large organisations. Whether you’re looking for a reliable direct debit company, custom virtual terminal, upgrade your billing with BPAY or ability to accept credit card payments, they can provide it all backed by their PCI compliant technology and award-winning service.
Recommended Articles
Open Air Cinemas Perth – The best outdoor cinema experiences across Perth this Summer
How do I choose a WordPress theme for good SEO?
Are You A Homeowner? 3 Reasons You Should Have Window Film Installed