Debit Orders Can Increase Your Payment Collections

Payment collections are never easy but technology has certainly made the process less time-consuming and less costly.  In fact, the use of bulk payment collections through debit order payments has helped thousands of companies collect monthly payments from customers in a more organized way, allowing for greater certainty that payment will be made and that it will be made on time.

 

A debit order is a payment that is typically made once a month for the purposes of paying for a debt or on-going service.  It allows a business or creditor to collect money from a person’s bank account or credit card on a certain date of the month, with the permission of the account holder, and this payment is processed electronically.  The third party who initiates the debit order controls the amount that is debited each time but the bank account’s owner can still stop the debit order at any point with his or her bank.

   

One of the major differences between a debit order and a stop order is that when processing a debit order, the owner of the bank account gives the third party permission to take money out of the account.  The third party is the one who sets the amount to be withdrawn in a debit order, but in a stop order, the account holder sets the amount to be withdrawn.  Essentially, a debit order is a negotiation between the third party and the debtor (or customer) and is initiated by that third party, while a stop order is initiated by the holder of the bank account. 

Using debit orders for your businesses payment collections will not only help your business increase its revenue – it will also give you more control over the payments that come in, helping your bottom line and overall debt recovery. This is often as simple as incorporating web-based software in your debt recovery efforts to control and secure debit orders, EFT payments, and bad debt management solutions.

How to Lower your Costs While Maintaining Company Support

In a slow economy, businesses are forced to find ways to consolidate in order to decrease spending.  Often, this means reducing their payroll dollars by consolidating work responsibilities to select individuals, or streamlining several processes into one. While business owners hate to lose employees, profit is essential if you are running a successful business.  If it means the difference of keeping your business afloat in a tough economy or sinking under the weight of that economy, the smart move is to cut costs and consolidate work. 

One way to do this is with technology, such as products that help you make complicated payroll and accounting jobs virtually obsolete.   With these products, businesses can receive payment online, helping you to streamline your business operations and cut out unnecessary spending.  These products are able to reduce error, facilitate credit card transactions, maintain records, organize your client database and contact system, and help you with data-driven checks and balances.   They are also able to streamline the payment process, allowing transactions to be approved over the Internet – which has been proven to be a more successful medium for collecting debt than calling by phone. 

It just makes good financial sense to spend less when the economy is slow.  Keeping your costs low while increasing your business’ overall level of support is possible if you take advantage of the many benefits that technology offers.  Support means that you will have more time to spend working with your clients.  You will find that level of support cheaply and easily with software that can give you the additional time and manpower you need so that you can be done with the job of running a business and get down to actual business!  

Save Payroll while Collecting Money!

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How long does it take one of your “collectors” to make a phone call, talk to a customer, try to get a payment nailed down, and process the payment? Do you have several employees that are making hundreds of calls a day and just not collecting as much money as needed to cover payroll? You don’t have to hassle with that anymore!

With Epaywizard, you can now collect payments online and employ less people while making even more money on your accounts. When you create a conflict-free environment for your customers to make their payments and you allow them to pay online, you are much more likely to receive more payments on time. Especially because you can allow them to make payments by check, debit or credit and they can make those payments instantly rather than waiting for the mail. Plus you are able to allow your customers to set up automatic payments. This way they can set up their payment account and set a specific date in which they want their payments to be made. On that date, the payment will go through automatically and the best part is that the money is available in your bank account immediately!

Epaywizard is the future of accepting payments for collectors and other companies. Now you don’t have to employ people who hate calling customers who don’t have the money to pay their bills and coming up with no revenue in the process. Create a conflict-free environment for your customers and you will see a huge difference in the amount of payments you receive. When a consumer can actually see their accounts online, the payments they’ve made and the due dates, set up payments to come out instantly and for the future, and even send and receive messages with you, you will find that your incoming payments will increase 10-fold!