What admin does your business do in order to receive its payments every month? Do your employees have to manually send invoices to your individual clients, hope for the best, follow up on unreceived payments, and then track the numbers and reconcile your books?
This is not a necessary part of running a business. The process can be so much simpler and effective. So why not upgrade to a reliable, automated and affordable system like debit order collection?
What is debit order collection?
A debit order collection service is when a third party handles the collection of payments on your behalf and systematically tracks the data of cash received or still outstanding.
This type of system is particularly useful when a fixed amount is invoiced to the same clients for the same amount every month. Some examples include gym membership fees, insurance premiums, magazine subscriptions, and more.
What are the benefits?
Debit order collection streamlines your cash flow management and frees up the time and energy that otherwise would have been wasted. Furthermore, you have more control over debtor’s payments and the automated process reduces monthly unpaids, regulating your cash flow and making it easier to plan your business’ budget.
This makes payment easier not only for your business, but for your clients as well. It is a non-intrusive system where the client can opt in to have payments debited from their bank account every month. Which means that your client does not have to receive invoices every month and manually make the appropriate payment.
Payment becomes a simple and stress-free process for all involved.
You can get this service through the bank, but it is generally less cost effective that wat as there can be hefty bank charges. That is why a reliable third party agency is ideal. With debit order collection in South Africa, you can also find an agency that is user-friendly and requires no special software or training, can be accessed online 24/7 thus allowing you to track your cash flow from anywhere, and reconciliation is made easier with comprehensive at-a-glance reports.
This makes debit order collection service simple, effective and cost effective. What more could you want?