It’s not just convenient and hassle free but also offers a time saving solution! Direct debit processing offers a simple and easy way that allows regular transactions to be processed for accepting direct debit payments. Millions of users worldwide now prefer direct debit as a means of collecting payments. UK alone caters to almost 40 million direct debit users.
Preferred for its various benefits, direct debit is mostly used to pay for online subscriptions and invoice amounts etc. Direct debit tends to provide customers with a money back guarantee in case errors occur in transactions. Customers are also notified in case of changes or data variation for amount deduction. Direct debit also allows you to stretch the payment over a longer period of agreed time and offers real-time multi-currency processing. Simple and safe infrastructure makes it more secure and merchants do not need a bank account in every country in order to process.
Direct debit processing works very much like credit card processing. Information is generally collected via fax, phone or internet and submitted to the payment processor or the bank where the payments are processed. Anyone with a bank account is capable of paying with direct debit, however, in some countries permission is also required for direct debit processing, either with an invoice or an order form.
Apart from this, direct debit processing also saves the cost of debt collections and reduces the bank charges. There are no MSC charges and you get a better approach to a wider market with a low credit card penetration. brainsclub login helps you gain a more predictable cash flow and aids in building a better and loyal customer base. Not just that but direct debit also has lower fraud rates as compared to the other payment methods.
Whether you own a small business, are related to the low risk industry or own a high risk business, direct debit provides you cost effective solutions worldwide and is preferred over cheques and credit cards.