Dear All,
I have been thinking about offering clients the facility to pay by direct debit but was wondering how easy and cost effective this would be? I know that there are companies like Eazi Pay etc out there - the transaction fees seem reasonable at circa 40p per transaction but it's the other costs i.e set-up (& anything else that's hidden) that seems to be expensive.
Has anyone used them and what have been your experiences?
Thanks.
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Replies (6)
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I use Eazipay
I started using Eazipay about 8 months ago and I am pleased I did. There were set up costs of a couple of hundred but the ongoing charges are reasonable.
Prior to Eazipay, my clients paid me by standing order which had its own problems. If a client missed their payment, I had to email them and get them to make a bank transfer. Missed direct debit payments are automatically collected a few days later by Eazipay.
The other big advantage of DDs is that I can now increase fees annually with just one notification to Eazipay. I don't need to send out a bundle of STOs to clients for signature etc.
We use fastpayltd. I wouldn
We use fastpayltd. I wouldn't rave about them specifically, but we've had no major [***] ups.
Wa-ay better than SOs. VAT rate changes? Easy, tweak the DD. With SOs you typically need to ask all your clients to amend them, some will, but many will just leave them meaning lots of small under/overpayments, a royal PITA.
You also get an email if/when one fails. With a failed SO it'd be down to you noticing it didn't go into your bank. Sure, you'd spot it when you reconcile against invoices etc, but that's not as good.
As per SteveOH above, set up costs were a couple of hundred quid, but well worth it IMHO.
try Go Cardless
they have no set up fees or monthly charges, they just take 1% as there cut to a maximum of £2
i have started with them and no issues.
Many thanks for your comments - I will definitely be looking into this as I think this is the way to go. Good to know that you all have had good experiences with them.
Gocardless
No hesitation in seconding Gocardless. Been using them for 18 months and they partner several online accounting systems and so the invoices go out with links to your Gocardless account enabling you to take one or a series of DDRs.
Several of my suppliers now also use them and so I now receive & pay via it.
AccessWallet
(Declaring an interest as I work for AccessPay)
Our new sister company AccessWallet has just been launched and offers easy, automated Direct Debit collections
Cloud-based so no CAPEX. No set-up fees or hidden costs1% per transaction fee capped at £1ISO 27001 certifiedFCA approved
Check out the website (feel free to let me know what you think!)