Chat with us, powered by LiveChat

Getting down to Biz-ness: How Easy is it to Set Up a Direct Debit?

Enquire Now
Direct Debit for your business

With recent advances in technology, setting up direct debit for your customers is easier than ever. Direct debit is a great way for companies, big and small, to take regular payments, whether that is using a subscription model or a flexible amount. Offering your customers direct debit is a no-fuss way to accept recurring payments. Customers are huge fans of direct debit because it’s fast and convenient for everyone involved. It can also be used for one-off payments if necessary. Improve your cash flow and customer experience with an easy-to-use direct debit system. In this blog we’ll talk about how easy it can be to set up direct debit payments and how a personalised solution could help you ‘get down to bizness’.

Back in biz-ness: Benefits of Direct Debit for your business

  • Better cash flow: When you set up direct debit, you’ll be able to see your cashflow at a glance. Cash flow is so important for business – among failed small and medium businesses, 60% attribute cash flow as the cause. It’s no surprise that cash flow is a huge concern for many Australian businesses.
  • Faster payment: Direct debit is great for companies because payments are timely. Invoices are paid out within a few days of sending the bill. Some payments can take weeks to process, and chasing payments is a hassle.
  • Increased sales: If your service is expensive, make your service or product more affordable with a payment plan. Buy now, pay later is a payment option that customers are flocking to. They love the convenience of paying off high value goods in small, regular instalments.
  • Time savings: Direct debit is great for companies that want to save time. Direct debit saves you from having to chase up payment from your customers.
  • Automatic payments for subscriptions and rentals: Don’t chase you customers for a regular payment if you offer subscription-based or rental services. You’ll be able to collect payments without lifting a finger.
  • Renewal roll-overs: Some direct debit agreements are open-ended, like insurance. If your customers set up direct debit with you, you’ll have consistent income over time.
  • Better business forecasting: With an easy-to-use dashboard, you’ll be able to see areas of growth and better plan for your business’ future.
Direct Debit for your business

How do Direct Debit payments work?

Direct debit payments are automatic transactions that transfer money from one account to another. Typically, your customers will authorise your business to direct debit their bank account on a recurring basis, in exchange for goods or services. Direct debit payment solutions are really handy to stay on top of bills, membership fees and other recurring subscriptions. Your customers will love how easy it is to organise direct debits with you. Keep it a simple and straightforward process for them.

  1. Your customer will have to sign a form to accept direct debit payments
  2. Ensure the platform provider has a system in place to notify your customers about their payments.
  3. It is possible to set up a variable or fixed amount – whatever is best for your customer!

Get a game plan: How to set up a Direct Debit – three simple steps

1. Choose a Direct Debit provider

Research the market yourself and see which benefits best suit you. Take note if your direct debit personalises their platform for various companies. For example, the needs of a gym owner would be different to a sports club. A gym owner would benefit from tagging different customers, whereas a sports club would need to cater to the needs of parents and families.

2. Invite your customers to pay you via Direct Debit

Your customers will be emailed a form or follow a link on your website that they can fill out securely online. Once you get authorisation to accept direct debit payments, you’ll be able to take payments from them.

3. Request payments from your customers

Make sure that your customers are notified in advance – this keeps everyone happy! Customers can ensure they have enough funds in their account before it is withdrawn. Direct debit has strong protections against fraud, making it popular with many customers.

How do I choose a Direct Debit provider?

  • Choose a bank-to-bank specialist: An easy way to organise direct debits is to use bank to bank transfers. This is a lot more reliable than using a card or credit.
  • Choose a provider with transparent fees: You wouldn’t want any costs when you’re setting up direct debit for customers.
  • Ensure you can get started quickly: The quicker you set up your direct debit, the sooner you’ll be able to hit the ground running. It should be possible to sign up for free and start taking payments in minutes.
  • Make use of automation: Let technology bear most of the load. Automated systems should handle error prevention and reconciliation that can save you precious admin hours.

How much do Direct Debit payments cost?

You provider sets the fees for direct debit payments. Make sure you compare set-up costs and running cost and consider them when choosing the most affordable way to automate your cashflow. Compare the fee you will need to pass onto your customers, or better yet, see if you can absorb this payment.

How does Biz Core stack up?

Biz Core offers two simple payment options, you’ll be able to pass on the cost to your customers for a small fee or you’ll absorb this payment. Biz Core is the only direct debit provider that has built in commissions for every successful transaction. Even if you decide to take on the transaction fees for your customers, generous commissions can help put money back into your pocket.

If you do decide to pass on the fee, Biz Core offers your customers a low fee. When you set up your biz with Biz Core, there are zero set up costs – it is simple, easy and quick to set up and start receiving payments. When you accept direct debit payments with Biz Core, you’ll know exactly when payments will arrive into your account and be able to plan for the future.

How We Can Help You

Sporting Clubs

Businesses Of All Kinds

Our direct debit payment solution can assist sporting clubs such as swimming schools, AFL clubs, gymnastics clubs and more.

Automation System

Automation

Direct debits are taken automatically on the scheduled dates, giving you time to focus on the more important parts of your business.

Daily Reports Laptoptile

Daily Reports

Just because we’re taking care of your payments for you, doesn’t mean you’ll be kept in the dark.

View All Features
Biz Core Box

Forget about the paper work today.

Make Biz Core your new payments solution.