Streamline Your Billing Experience By Accepting Direct Debits Payments
A Direct Debit or direct withdrawal is a type of transaction or payment instrument in which the customer or account holder authorizes any financial company or organization to withdraw the amount from his account as agreed upon the mandate. It is also known as a pre-authorized payment (PAP) or pre-authorized debit (PAD). Are you a merchant looking to Accept Direct Debit Payments from your customers? Well, in a nutshell, direct debit payments are the most convenient payment instrument to charge your customer for a subscription membership or recurring basis. This solution works well for your subscription payment processing.
How Does Direct Debit Payment Method Work
Direct debit works differently for different types of business. It may depend on your business, your billing cycle of the payable amount. But the approach is somewhat the same for the direct debits. Let’s see how does it work:-
- The financial institution who wants to collect payment send the transaction request to the customer.
- The transaction request is a mandate which asks the customer their card details like card number, name, expiry and CVV or maybe something more.
- Once the customer fills the mandate form, he is authorizing the financial institution to periodically debit his account a specified date and specified amount as on the mandate.
- The customer does authorization, and now the financial institute or merchant can periodically charge the customer as per the mutual agreement.
This is how the merchant accepts direct debit payments. This is the most convenient payment solution to debit your customer on a regular basis.
Benefits Of Accepting Direct Debit Payments
To set up a direct debit payment for your Business is the most efficient way to manage your cash flow and also the transactional rate is much lower than that of credit card processing solutions. Let’s see some of the benefits a merchant can get by opting a direct debit payment solution.
- Gets payment on time.
- It improves cash flow.
- Better options for the merchant from high-risk industries.
- An alternative to echeck and ACH.
- Cost-effective solution.
- Best way to accept one-off or recurring or subscription payments.
- Easy to get a payment solution.
- Convenient, flexible and secure and many more…
Direct Debit For High-risk Business
Direct debit comes out to be one of the best alternative online payment methods for high-risk industries. As it is a bitter truth that not all the high-risk merchants qualify for high-risk merchant accounts or credit card processing for high risk. Although we at quadrapay have many global partners from the USA, Canada and European union who somehow provide the credit card processing solution. But what else if a merchant is not qualified for it. We help merchants with various payment instruments like eCheck, ACh, Cryptocurrency and the one is Direct Debit. Obviously, there is lots more solution, and one payment solution will certainly work for the high-risk industries.
Apply Today! Direct Debit Works Well With Every Business
Accept Direct debit payments; your customers will love to pay you. This is another payment method to give the experience of comfort to your customer. In a nutshell, the payment method is suitable for all, you and your customer. Apply today to get started! Fill the pre-approval form and, we will get back to you shortly.
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