General Information About Direct Debit

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Direct debit is one of the methods of paying your bills. You pay straight from your bank account. With direct debit, you fill up a form with the particular company that you should settle a bill. On the way, you plan on how much you should pay and when you are going to be paying the bills. You can choose a particular date every month, quarter, etc. to pay the direct debit from your bank. Click here for more information on direct debit service for small business. Thus, depending on the set time limit money is deducted straight from your bank account straight to the company’s bank account as per the instructions.

What is the main difference between a standing order and a direct debit?

fddfddfdfdfdfssThe primary difference between a direct debit and a standing order is that a with a direct debit with your consent the company can change the amount being received and the date of payment. However, with a standing order only you have the authority to make any amendment.

What is the mode of information if the company changes the direct debit?

A written notification is the most acceptable method of communication for such a change. You should expect to get a written disclosure in a statement from the person you pay the bill to. The letter should be addressed to you or should be part of your report. The other alternative which is not encouraged because of the risk it poses General Information About Direct Debit (not receiving the communication) is through electronic communication e.g. email, or your web account with the company.

What happens if the bank account does not have enough money to settle the direct debit?

Does your current account have a buffer zone? A buffer zone is an interest-free overdraft that the bank will not charge you. However, if and when you exceed the area of separation that is recommended by your bank and building society the bank or building society will not settle the bill on your behalf and you may be charged interest as well.

What is the relationship between direct deposit and credit report?

gfgfgfgdsdsdsIt is not common that your direct deposit will show on your credit report. This is because the monthly payment through your direct debit may not necessarily show on your credit report. This is the practice as most companies only give details of the amount that has not been remitted to them. A credit agency may also not have full information of the accounts you hold with various companies and if you paid the money or not.

Tips To Choosing A Credit Card Processing Provider

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One great way of boosting sales in your business is to start accepting credit cards. However, for you to do this, you will need the services of a credit card processing company. If it is your first time to accept credit cards in your business organization, you will find out that choosing a credit card processor may be a difficult task. Below are some important tips to choosing a Credit Card Processing Provider:

Choosing A Credit Card Processing Provider

Identifying the services that you requirem,djkjkdsksksk

The first step is to make a list of all the services that you will need from the credit card processing company. These will include.
• The payment card networks you plan to accept payments from.
• The number of payments terminals you need to have.
• Indicating whether you intend to accept payments from the internet or contactless payments.
The importance of including this information is because will determine your hardware and software requirements.

Identify potential credit card processing companies

The best way to go about this is to search online. You will easily come up with a list of possible service providers. Other ways to look for potential service providers include.
• Seeking information from other businesses concerning their service providers and how they rate their services.
• Asking your commercial bankers whether they offer credit card processing services.
• If you are a member of a business association, inquire whether it has any negotiated service packages as well as special rates for its members from any particular credit card processing company. Also, you can also inquire whether the association can help provide relevant information on prospective service providers.

Considering the fees and other costs

Some companies will certainly charge higher fees than others for the same products and level of service. This means that you will have to consider all the main credit card processing fees, as well as the upfront costs that each particular service provide, is offering. Then take time and do a proper analysis of all the information provided. This will help you make an informed choice. The most important thing is to understand all the fees and service terms.

Setting up the processing technology

Generally, it is easy for you and your staff to set up the processing technology. However, if it is a bit tricky for you, seek the assistance of your service provider. Also, get to know how long it will take for the service provider to set up your account as well as installing the necessary equipment. This will help you plan adequately.

Acceptable mode of payments

Get to know what modes of payment are acceptable by your service provider is important. If you are running a retail business, it is important to make sure your credit card processing provider accepts all major credit cards. This will help ensure that you don’t turn away any of your customers. Ideally, the new system should preferably accept gift cards, prepaid cards, or an electronic benefit transfer (EBT).

Acceptance of new payment technologies

klxdksklkkskSeek to know whether the system can accept new payment technologies. It is a fact that many of your customers are likely to be techno-savvy. This means that a payment processor with Near-field communications technology (NFT) would be the most appropriate for your business. This will allow you to accept digital wallets, including Google Wallet and Apple Pay.


In addition to the tips mentioned above, it is important for you to choose a service provider with a strong customer support. This will come in handy in case your credit card machine breaks down or if you need any other kind of support.