Direct Debit Services

Direct Debit Services

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  DIRECT DEBIT SERVICES Flo2CashLimited
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  INTRODUCTION  First usedin Germany in early 1960s  Alastair Hanton of UK is widely known as the inventor of Direct Debits  Born out of the need of Uniliver to collect regular payments from thousands of its small ice cream retailers Direct Debit Services - Flo2Cash Limited
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  TYPES  Collection Authorization- The payer authorizes the payee to debit his/her account for a fixed amount of any future invoices. This type is common in consumer to business transactions like paying utility or phone bills.  Debiting Order - The payer authorizes his or her bank to honor direct debit requests from a name payee. This type is more common in business to business customers Direct Debit Services - Flo2Cash Limited
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  BENEFITS FOR BUSINESS Low Processing Costs - Taking into account all cost elements involved in processing a recurring payment through conventional means, direct debits service costs much cheaper.  Short Processing times - Automating the payment process, significantly reduces the time it takes a business/non-profit to receive the payment.  Simplicity - Once set up, direct debits recurring payments do not require any management either by the business or its customer. Direct Debit Services - Flo2Cash Limited
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  BENEFITS FOR BUSINESS Security - Direct debits are more secure form of payment compared to payments made through cash or cheques  Low Customer Administration time - It significantly reduces both the time and energy spent in calling, arranging and chasing late payments and the greatest benefit of all is the improvement in cash flows. Because you get paid on time you can better manage the expenses of your business. Direct Debit Services - Flo2Cash Limited
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  BENEFITS FOR CHARITIES Donors that opt for Direct Debits as a payment method support Charities for a longer period as compared to those who opt for Credit Card payment.  Direct Debits transactions have a much lower failure rate, less than 1 percent compared to 7 percent for credit card transactions. This translates to more funds for charities.  In the long run, the transaction fees for direct debits is much lower than credit card transactions resulting in savings for charities. Direct Debit Services - Flo2Cash Limited
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  BENEFITS FOR CHARITIES Given a choice, four out five donors choose direct debits as a gifting option owing to the convenience it offers.  It allows charities to get more out of their advertising budget by focusing on acquiring new donors as recurring donors don't need to be targeted.  By giving donors the option to gift small value regular donations charities not only reach out to a new segment of donors but also increase the fund value per donor per year.  Direct Debits recurring payments ensure regular, predictable cash flows enabling charities to better manage fixed and variable expenses. Direct Debit Services - Flo2Cash Limited
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  KEY PARTICIPANTS  Originator:The business that provides goods/services or a not-for-profit organization that appeals for gifts.  Sponsoring Bank: The bank where the originator maintains its account.  Payer: The customer who agrees to pay the bills using direct debit or the donor who pledges a gift to the not-for-profit.  Paying Bank: The bank holding the payer's account which is to be debited. Direct Debit Services - Flo2Cash Limited
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  THE WORKFLOW  Theoriginator sends an invitation to the payer, requesting him to make future payments using direct debit.  The payer accepts invitation and responds by filling in a DD mandate form for direct debit authorization and it sends it to his bank, the payer's bank  The Payer's bank, validates the DD mandate from and sends it to the Sponsoring or the Originator's bank. This completes the set-up, an intimation of which is sent to the Originator. Direct Debit Services - Flo2Cash Limited
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  THE WORKFLOW  Theoriginator starts submitting direct debits to its bank, the sponsoring bank.  The sponsor bank forwards DD instruction to the payer's bank  The bill amount is debited from the payer's account and credited to the originator's account Direct Debit Services - Flo2Cash Limited
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  DIRECT DEBIT GUARANTEE Everycountry has its own rules and regulations governing direct debits so as to protect the consumers. Some of the basic guarantees provided are as follows  Change notice - Any changes to the amount, date or frequency of payment needs to be communicated to the customers in advance, 10 days is the most commonly used time frame.  Refunds - The customer gets a full refund from the bank for payment taken in error  Cancellations - The customer can cancel direct debit payment at any time before the due date. He/She is entitled to a full refund in case payment is withdrawn after cancellation. Direct Debit Services - Flo2Cash Limited
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  MANAGEMENT A Direct DebitService provider makes available its users with an online dashboard or console where they can login to access management and reporting tools. Some of the basic features offered are.  Searching Mandates - A direct debit mandate is an authorization from your customer to collect future payments. From time to time you may need to check the mandate or revoke it , this requires searching it first. With this feature you can easily search the mandates database by using mandate ID, the customer name, email, the payment reference or the customer's bank account details.  Updating Payment Plans - It allows one to change the direct debit amount, frequency or period of direct debits payment schedule of a particular client. Direct Debit Services - Flo2Cash Limited
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  MANAGEMENT  Manage FailedPayments - One can group together failed transactions and then reattempt the payments using this feature.  Batch Payments Processing - Used for carrying out batch operations e.g. mandate imports so as to process grouped payments.  Reporting - One can see all historical direct debit transactions within a particular date range and can apply filters to narrow down results. Some of the filters include transaction status and dishonor reasons. Direct Debit Services - Flo2Cash Limited
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  MANAGEMENT  Transaction Search- Historical transactions can be searched using date range, plan ID or account name.  Manage Profiles and Users - The admin can update his profile, create or delete users, assign roles and can make selective features available for different users. Direct Debit Services - Flo2Cash Limited
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  FLO2CASH DIRECT DEBITSERVICES  Established in 2003  Fully secure PCI-DSS compliant environment  Highly skilled team  No IT input required from clients  Every transaction as secure as a bank transaction  Also available as a complete white label solution  Thousands of satisfied customers Direct Debit Services - Flo2Cash Limited
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  FLO2CASH DIRECT DEBITSERVICES  Flo2Cash setups a direct debits service for you so that your customers can sign direct debits on phone, online, email or on paper, after which you can send an invoice and debit their bank account on payment due date. Moreover, the set-up requires no help from either your IT team or the bank. Its smart analytics and dashboard lets you see the status of transactions in real time and built-in dishonor management system follows up on dishonor payments. Also, all transactions are secure and approved by the payment authority. Direct Debit Services - Flo2Cash Limited
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  THANKS !  Call1800 356 222 for a no-obligation demo or write to us on [email protected]  For more information, please visit our website www.flo2cash.com Direct Debit Services - Flo2Cash Limited