A Direct Debit Collection Guide for IT/Software Companies

Running an IT company is a full-time job and then some. Once you’ve finished for the day, there are invariably a new set of administrative tasks that require your attention. The management and administration of payments is just one recurring task that can eat into your evenings and weekends and monopolise your free time. Keeping up with payments is an essential task that cannot be neglected. When there are suppliers, bills and employees to pay – not to mention service subscriptions to collect – the ongoing operation of your business relies on your ability to send out invoices promptly and identify and chase any payments that are due. But, when you’re busy growing your business, wouldn’t it be nice if there was a solution out there to relieve you of this burden?

The Reliable, Quick & Secure Way to Collect Regular Payments

You might associate Direct Debit payments with gym memberships or loan repayments, but this type of payment is also suited to a wide range of businesses. Specifically, IT support companies that work on a retainer basis, or companies that offer Software as a Service (SaaS) – such as cloud, ASP, on-demand or hosted software – on a subscription basis. Both could benefit from this secure, quick and reliable automated payment solution.

The Benefits of Direct Debit Collection for IT Companies

  • Your invoices, paid How many times a week do you check your business account to see whether payments have been made? Direct Debit allows you to take payments automatically on invoices when they’re due. There’s no need to constantly check your account and no late payments to chase.
  • An automated process Simply enter your client’s details once and you can take recurring payments whenever necessary. You’ll be told what has and hasn’t been paid and be informed as soon as a Direct Debit is cancelled.
  • Low fees Receiving payments from credit cards or debit cards typically costs 2-3% of the transaction plus a flat fee of 20-30 pence, but Direct Debit payments are a whole lot cheaper.
  • Variable payments You have full control over the amount and the timing of the payment. Simply enter the invoice amount and the payment will be made.
  • Greater security Every payment made by Direct Debit is subject to a number of rigorous checks to make sure all collections are made securely. Any unusual transaction which doesn’t fit a client’s usual billing pattern is picked up and questioned.

Setting Up a Direct Debit Collection System

Setting up a Direct Debit collection system for your IT or software company is easy:

  • Simply sign up with London & Zurich.
  • Enter your client’s details.
  • Collect one-off or recurring payments with a click of a button.
  • We tell you the outcome of every transaction.
  • The payment is paid into your nominated account.
  • We charge a small fee for each transaction and invoice you at the end of the month.

Take a look at our Direct Debit guides for more information, learn about our branded Direct Debit collection facility, get in touch with our expert consultants for any other enquiries, or start your application today.

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