Direct Debits are becoming more and more popular as a method of payment, particularly in light of the end the beginning of the end for cheques. Some advantages of paying by direct debit include:
- With the new SEPA rules, you can pay by DD for services provided by companies throughout Europe without having to set up a separate overseas current account.
- Your payments will be automated, so no need to incur additional costs with writing cheques
- Knowing your payments are scheduled gives you a clearer picture of your cash flow.
By encouraging customers to pay your company/organisation by direct debit, there are obvious advantages for you such as:
- You will receive your money at regular intervals and you will know where you stand – you can project your cash flow easier with direct debits
- Your time spent chasing payments should be reduced as you increase your number of direct debit payments
- If you have the right systems in place, time spent processing direct debits should be minimal
According to the Irish Payment Services Organisation (IPSO)…
- The ever-increasing number of direct debit originators in Ireland now exceeds 5,200
- Ireland is the top 10 in the EU in terms of direct debit usage, averaging 24 direct debits per capita, per annum
- Over 110 million direct debits are processed every year in Ireland
- The number of payments made in Ireland has been rising steadily for many years, having increased from 77 million in 2003 to 110 million today
With e-day coming on the 19th of September, more and more businesses are looking for a way to manage their payments electronically.
We specialise in Sage direct debits (for Sage 50 and Sage 200). We are here to help, advise or point you in the right direction.
Why not download our direct debits, new ways of thinking document here.