Simple, convenient and safe, Direct Debit is an automated payment method that is preferred by over half of all UK bill payers. Everything you need to know about Direct Debit is explained here. You’ll not just discover how easy it is to set one up – you’ll be able to assess all the benefits that come along with it.
Benefits of Direct Debit
Whether using Direct Debit to pay your household bills or business costs the benefits are the same and worth the few minutes it takes to set up a Direct Debit.
It spreads the costs
Paying your regular bills or business costs by Direct Debit allows you to spread costs over a period that you agree with the organisation you are paying.
Direct Debit payments come with a guarantee so you’re automatically protected by three important safeguards:
An immediate money back guarantee from your bank in the event of an error in the payment of your Direct Debit
Advance notice if the date or amount changes
It can save you money
Businesses find Direct Debit just as convenient and efficient as consumers. For this reason, many offer discounts in return for you paying by Direct Debit.
Discounts vary, but overall Direct Debit savings can add up to a substantial amount each year. It pays to check when you get a bill to see how much you can save.
It gives you peace of mind
Direct Debit is one of the safest and most reassuring ways of paying your bills:
Payments are made automatically, so bills are never forgotten, lost in the post or delayed by postal problems and there’s no risk of late payment charges Organisations using the Direct Debit scheme have to pass a careful vetting process, and are closely monitored by the banking industry
The Direct Debit Guarantee protects you and your money. It’s offered by all banks and building societies that take part in the scheme.
It saves you time
Modern life is hectic – but Direct Debit helps. It takes away much of the hassle associated with paying bills, and puts an end to queuing at the bank and filling out cheques. You’ll find it easier to stay on top of your bills, and you’ll know exactly how much money is going out each month. For businesses paying by Direct Debit also means reduced workload and paperwork for your finance department.