How can a direct debit management system transform your business?
With many companies opting for direct debit due to its secure, reliable and easy way to control payments, it has fast become the one of the most popular methods of collecting and paying bills. But organisations are constantly looking for ways to improve and simplify their processes. The direct debit process is no different.
Implementing a direct debit management system (DDMS) to control and manage your direct debits can transform not only your processes but also your business as a whole. We take a look at how this is achieved…
Validate your data
Built in validation of the customers data and bank account details in line with Bacs regulations means that errors will be a thing of the past. Coupled with the reduced risk of fraud, you will inevitably save costs and benefit from an enhanced reputation with your customers. You can also reduce your risk of indemnities by checking customer account details at point of entry.
Remove error-prone manual processes
A good DDMS will check details and create automatic notifications to customers about new / amended / cancelled mandates or payment plans. It will also create batches ready to go to Bacs with all relevant AUDDIS transaction codes, for new or cancelled Mandates, and the correct transaction codes for your daily / weekly / monthly collections. This is all completed automatically and in a compliant and secure manner, so all you need to do, is send any created batches to Bacs for collection.
Built in communication options enable you to get on with other tasks, knowing that your customers stay updated.
ADDACS, ARUDD, AUDDIS and DDICs reports are all essential for keeping on top of any alerts within your payments process and a DDMS enables easy running of these reports. These can be downloaded and set to alert you to missed collections etc.
All businesses are different and a good DDMS will enable you to configure it to your own individual ways of working, whilst also still remaining entirely within Scheme Rules.
Complete compliance with direct debit regulations gives you piece of mind. As Scheme rules change, DDMS is ahead-of-the curve, meaning that you will always be compliant, as for our cloud-based solutions, these changes are made centrally with no downtime or risk to your processes.
A good DDMS will support current account switching services, making life easier for you when changes happen.
Transforming your business through a direct debit management system enables you to manage your direct debits in one place. At paygate, our customers tell us that staying compliant with Direct Debit regulations is one of their big worries. Our DDMS was created to ensure you can’t go wrong.
If you are interested in seeing how paygate’s DDMS can transform your business processes, speak to one of our experts.
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