I have a client who are a property management company, currently the property owners pay by a variety of methods:- cheques, cards over the phone, bank transfers. They have now been getting asked on a regular basis about direct debits.
A few years ago they had spoken to their bank and the set up costs were astronomical they have now asked me to look into third party direct debit providers.
I have narrowed the options down to Eazipay and Fastpay.
Do any of you have any experience on dealings with either of those companies? Are they reliable? Do they transfer the money as fast as they say, any problems?
Pamela
Replies (5)
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Another vote for GoCardless
We use both Fastpay and GoCardless.
We stick with Fastpay because we have several older clients on the system so they may as well stay on it, but for new clients we use GoCardless, it is much easier to set up and use. You can log into their dashboard, set up payments online & see payments made & pending payments. GoCardless offers greater flexibility, as can collect on any day. For Fastpay we only run one collection per month to keep the costs down.
I think we wait around 5/6 days after the direct debit date to get the money in our account. (3 days for transfer from client to FastPay/GoCardless and then a 3 day transfer from their account to ours).
Gocardless
We use a combo of Eazipay and Gocardless.
Eazipay works well for those who don't really do computers (yes we still have a few).
We run about 15 direct debits via them and the cost is far higher than the 60 or so that we run via Gocardless.
Gocardless works very well but the person signing up needs internet access. I us it in combination with Directli as they offer a better management system, although I believe Gocardless themselves have updated theirs recently.
Not sure
I'm not sure on the practice of whether they keep funds in a big pot or for each individual customer.
However, they have sponsorship by RBS and I'm sure that there are suitable guidelines within the industry which protect money that is not theirs and it is held separately.
They have processed over 400 collections on my behalf since December 2012 and I have not had one issue with money going missing.