Direct
Credit Business Banking and Factoring
Direct Credit Business Banking and Factoring
Direct
Credit - The benefits
Direct
Credit is a simple, secure and reliable way to make and receive
your business payments and it dramatically reduces the administrative
time and costs.
Benefits of making business payments by Direct Credit
No
need for reconciliation
With Direct Credit there's no need to track individual payments
as they are cleared through the banking system. The Direct
Credit service generates just a single debit to your bank
account on a specified date.
Reduced
administration costs
The preparation and checking of cheques can be a time consuming
task for both staff and management, even with automatic printing
and signature. Cheques also have to be collated with the relevant
remittance advice before posting. With Direct Credit, the
creation and authorisation of a payments file is a simple
and inexpensive process.
Improved
cashflow management
Knowing exactly when funds will be debited enables money to
be kept working for you right up to the last minute.
Direct
cost savings
Cheque stationery can be expensive, particularly in the case
of specially printed cheques, as design and print standards
become more demanding in the drive to prevent cheque fraud.
With Direct Credit the cost of cheques is eliminated.
Better
payment terms
Because you are paying more efficiently you may be able to
negotiate more favourable payment terms.
Benefits of receiving business payments by Direct Credit
Cleared
funds
When invoices are settled by payment direct to your business
account you receive cleared funds. This means the money can
earn interest straight away or you can use it immediately
without waiting for a cheque to clear.
Cashflow
management
When you receive a remittance advice from a business customer
you will know when to expect the payment, which makes reconciliation
and cashflow management easier and more efficient.
Reduced
downtime
Because Direct Credit payments go straight into your business
account, it avoids having to go to the bank to pay in cheques.
Cash and cheques can go astray or be interfered with, whereas
Direct Credit transactions are secure.
Direct
Credit is the preferred method of receiving payments with
over 70% of the UK work force receiving wages or salaries
this way.
For
further information on Direct Credit Business Banking and
Factoring visit the Direct Credit Website.
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