First Time Debit Orders
Why you should consider introducing a debit order system in your business:
- To debit your client's bank account with what is owed to you gives you the control of debtors' payments – THIS WILL ENHANCE YOUR CASH FLOW!
- Debit orders are always a priority when clients are planning their monthly expenditure, their banks are charging high unpaid penalty fees.
- Collection dates are very flexible – recurring or once-offs.
- Your money is available almost immediately.
- Instant access to information regarding payments and non-payments via our web-interface and reporting service.
- Substantial savings on bank charges, with no cash deposits and therefore will reduce the security risk, with no cash kept on your premises.
- No need to contact your clients requesting payment.
- You and your debtors save time, money and effort with this payment method.
The secrets to success in implementing a debit order system:
- Depending on your type of business, preferably refer to a 'Payment Commitment' than a 'Debit Order' form when requesting your client to sign it.
- You should question your client's intention if he is reluctant to sign the debit order.
- Keep in mind your client is making use of your expertise / skills and not because of the payment method, therefore you should dictate method of payment.
- Consider allowing your debtors to pay off their arrears with amounts they can afford. Every small amount counts.
- Not all clients will allow you to initially debit their accounts, therefore the repetition of your request will guarantee success.
- Did you ever wonder why most corporate companies, for example insurance companies, banks, motor finance, etc. only allow one payment method, namely a Debit Order. It gives them control, immediate history and statistics of these payments.
