Direct debit merchant services are the perfect way to get a handle on your business’ finances and smooth out cash flow variances. A good direct debit service will facilitate the deposit of customer funds directly into your merchant account without the delays and fees associated with credit card transactions.
If you have been considering switching to a direct debit service, but are unsure how the transition may impact your business, worry not. Direct debits are available as SaaS (software as a service) there is an annual fee, no “free” trial period followed by unknown fee levels, or interruptions in service. Direct debits are now mainly cloud based and their efficiency as a software based system has further streamlined the process.
Safety
With bank grade security protocols in place, direct debit is as safe as can be. The ideal systems may be accessed from the home, office or out on the road, and the easily changed and updated approvals options can provide a nimble and flexible interface. Bacs approved safety levels increase the confidence level with which companies can operate, knowing that their data, and that of their customers is safeguarded. Cloud based systems allow for easy remote access with authentication, and permission levels can be adjusted as necessary.
Efficiency
With a fully automated direct debit merchant service, payment processing is simplified and streamlined. Without the need to re-enter data, there is less chance of error and less duplication of efforts. Direct debit merchant programs also provide automated Bacs which automatically download. Timing of payment deposits can be scheduled and managed in an efficient manner that will aid in cash flow projections, revenue management, and financial performance expectations.
Quick Start Up
Out of the box technologies allow companies to get started straight away with direct debit. Without complicated technological requirements, the SaaS direct debit systems that are cloud based are user friendly and can be up and running in a matter of days. There are many merchant services that provide direct debit without complicated programs and hardware requirements.
Cloud based services do not require additional hardware, and once you are set up there are set annual fees rather than per use charges. Knowing the cost of the service for the entire year allows for good forecasting of budget levels, and also prevents surprise charges and variations throughout the year.
Data Compilation/Analytics
Good, actionable data is often the difference between a good company and a great one. With direct debit programs that work, analytics are readily available and their automation do often prevent human error. Revenue streams reveal a lot about sales performance and the overall financial health of the firm, and is important data to track and analyse. Robust data compilation allows management to track revenue variances between reporting periods and will also aid in measuring success of marketing campaigns.
Customer retention is one of the most impactful metrics for any company, and payment tracking is one way to measure this performance. Automated reporting enables management to accurately monitor performance and gain better understanding and insight into revenue streams and the robustness of each business line.
Easy Integration
Merchant services should not require a lot of headache to utilise. Cloud based services are flexible and do not normally require special operating systems. When the direct debit system operates in the background, it is quite likely that no integration hurdles will need to be overcome.
Standalone direct debit programs do not require systems integration and can seamlessly work in the background without requiring integration with other systems. SaaS is adaptive to current systems and does not interfere with current databases and other operating protocols. Integration can be customised and at the level desired by the firm.
Direct debit merchant services allow for quick processing, less human error, and greater efficiency with payments. With the ease that direct debits can be implemented and put into use, the transition to automation makes nothing but sense. Bacs level security and bank standard safety protocols protect data and allow for greater information flow. Less time spent entering data allows staff to concentrate on core tasks while decreasing the likelihood of human error. Direct debit merchant services are the way forward for any company looking to streamline their payment processes and take control of cash flow.
