Recurring payment, the right kind of bull
Collecting Regular Payments: How businesses use DebaPay
Collecting regular payments from customers has been made easier in the past years thanks to automation. From subscription services to membership, retainer fees to utilities provision, technology has made recurring scheduled payments more viable to ensure a business can manage cash flow smoothly. Through regular payments, predicting business income becomes much easier leaving out the guesswork of when invoices get paid, with the added advantage of saving time chasing overdue payments and reconciling different payment methods.
Having clear income projection figures allows businesses to make better investment decisions and affords the the space to focus on mission-critical activities such as providing high quality customer service and excelling in their fields.
Benefits of Using SEPA Direct Debit
We want to share with you how DebaPay can help your business manage cash flow better through SEPA direct debit and regular payments. Setting up a SEPA direct debit for regular payments through DebaPay is a straightforward process. In a nutshell, the key benefits to businesses of using SEPA direct debit are:
- simple to set up and use both single and regular payments
- easier payment reconciliation with a full record of received payments
- removing the need for cash, card and cheque payments
- reduced delays in settlement of payments
- reduced time chasing overdue invoices
- lower transaction fees
- payments arrive instantaneously on the agreed date without human intervention
To set up SEPA direct debit through DebaPay, the business customer first sends an email payment request to clients who will then fill out a simple authorisation form containing address and bank details using their mobile or PC. Once the details are entered and the request approved by the client, DebaPay ensures the payment collection data is sent to the customer’s bank for processing. DebaPay acts as a conduit between the bank and the business customer. The business customer will recruit its own clients onto the payment system, thereafter sending out requests for payment to their clients for approval as above. DebaPay is used for single and recurring payments and once a business is setup on the system they can start collecting payments via SEPA direct debit straight away.
This type of system is more cost-effective than using merchant services, which come with higher running costs.
SEPA direct debits can reduce general administration, freeing up resources for core business functions.
To set up recurring payments, a business will require a suitably enabled payment technology partner. The businesses featured in this blog have chosen DebaPay to collect recurring payments.