Running a debit order system is one of the most effective means of payment for goods and services, which is why swool.io has partnered with Three Peaks.
There are numerous advantages to using debit order collection software to collect fees from your clients rather than waiting for them to pay you. When it comes to managing money from customers, you can enjoy the following advantages:
Obtain What You are Owed Immediately
Automating the entire payment process is simple with the versatility of a debit order collection system.
The debit order procedure enables businesses to get what they are owed automatically on the date the consumer has set, avoiding manual payment from the customer. As a result of no longer relying on another party’s time, your business will be more efficient and productive, leading to increased profitability.
Streamline Your Collections Process
With debit orders, the consumer no longer has to remember to make payments after authorization. Instead, it takes place automatically on a predetermined day. On the other hand, clients will never miss a payment or face late payment penalties because they know their invoices are automatically paid.
Increase Your Cash Flow
You can better regulate your cash flow if you know when your customers’ bank accounts are debited. It is easier, faster, and more effective to get paid when you are due. Getting paid on time, every time optimizes your cash flow reducing your accounts receivables.
Debit order collection can give you a clearer picture of how much money your firm collects monthly. This information can help you make more informed decisions for future business expenditures and new projects.
Reduce Collection Calls and Follow-ups
Setting up a debit order is simple, and once it’s done, you will not have to deal with the trouble of cashing a high cash deposit fee or receiving payment over the phone. Customers also enjoy an automated process saving their time spent processing invoices from your company.
Having Payments Automatically Allocated to Customer Accounts Saves Time on Reconciling Accounts
You can collect automated payments through debit orders, which is safe and secure. Customers may take comfort in knowing that information fraud and theft are extremely improbable when using this payment method. swool.io will initially allocate the payment to a holding account until the actual funds are deposited into your account. Your customer balances are updated on the same day that the funds are deducted from their account, while you wait for the batch to be finalized. This in turn allocates the payments received from the debit order directly to the client account, saving you time with payment allocations.
Collections and payments are essential to running a successful business. These, on the other hand, are frequently the last things a business wants to accomplish after a long day at the office. A company’s cash flow might get significantly impacted by outstanding accounts, which can stifle expansion. Thus, a debit order collection solution is essential to keep your business running smoothly.
Three Peaks API integration, allows you to reap the benefits of easier and more cost-effective collection processes.