Are you considering adding direct debit to your payment methods or are already using it as an efficient, fast and low cost method for collecting payments? How do you know your direct debit provider is providing the best deal? There are numerous direct debit providers out there and it is essential you choose the right one. Ask the following questions and you will be able to make the best choice for your business:
- How much does it cost?
Are you charged for adding new customers, failed payments, payment cancellations, reporting or something else? Direct debit providers usually have a fixed fee for every transaction, with additional charges applicable on extra services. Make sure you know them or else your cost will double.
- Can it integrate with your software?
You need to ensure that your direct debit solutions can integrate with your accounting software so payments are automatically reconciled with your accounts. If it doesn’t, you need to look for other options or else tracking payments would become immensely difficult.
- Can different payment plans be set up?
Make sure the direct payment providers enable you to create payment plans like setting up one-off payments, variable and recurring payments. Sometimes, you may have to change amounts and you want to do that easily.
- What kind of contract is offered?
If you want to switch direct debit providers, you want to be able to do it easily. Some providers may offer lengthy contracts that can restrict you or charge penalty fees for early cancellation. You have to have the mobility and choice to move easily.
- Is there a customer support team?
Lastly, you should ensure that the provider you are choosing offers a dedicated support team that can assist you when you need. If they have outsourced to a third party, it is best to continue looking. You want to have phone support available to get problems resolved quickly.