Making Direct Debit work for you – have your say!Nizam Yusuf
Direct Debit consultation closed on 9th December 2016
Bacs undertook a public consultation on Direct Debit to understand the challenges businesses and consumers face now and in the future.
With a view to understanding which features are working and what changes could be brought in to enhance the service even further, it was a great opportunity for businesses of all shapes and sizes to get involved and make a difference.
Type of questions asked
The Processing Cycle
- If you feel speeding up Direct Debit collections would be beneficial to your business, put your argument forward to Bacs explaining your reasoning.
- For some businesses, the current three-day Direct Debit processing cycle is an ideal timeline. Any changes for them could prove costly, and disrupt their existing payments and collections process.
The flexibility of Direct Debit
- Would your customers be more inclined to make payments through Direct Debit if the service was more flexible in how and when payments could be taken?
- On the flipside, if you don’t use Direct Debit at the moment, could you be persuaded to make collections using the service, if it became made more flexible in how and when payments could be collected from customers?
The Direct Debit Guarantee
- What is your opinion of the current Direct Debit Guarantee? Do you think it provides your customers adequate protection?
- Some businesses argue that the current process is flawed, with customers using the Direct Debit Guarantee to cancel payments for services they have already received. If you feel this is a problem that affects your business, then do you think “There should be no Guarantee” at all?
Whatever the decision be mindful that changes made to the Direct Debit Scheme will impact your business in the future. We’ll share the findings when the results come in later this year.