Against the backdrop of statistics which show that more than one-half of the bill payers in the UK show a clear preference for the automated payment mechanism of Direct Debits, it is quite evident that there are advantages galore of setting up a Direct Debit — also referred to as a pre-authorized debit or a pre-authorized payment.
Since Direct Debit payment collection method enables you to authorize your bank to allow the withdrawal of a pre-ascertained payment amount from your bank account, either by an individual or an organization, the mechanism is ideal for paying your regular bills, and making payments – such as membership subscriptions and the like – which remain unchanged over a specific period of time. In fact, most of the users of this payment mechanism are grateful to Direct Debits UK for the following benefits which they bring along:
Direct Debits are ‘no hassles’ financial transactions: With the Direct Debit method chiefly authorizing your bank to allow the monthly, quarterly or yearly deduction of a pre-determined amount from your account, you can rest assured that there are absolutely no hassles involved in having your bills paid well in time. Thanks to the safe and convenient transactions underlying Direct Debits UK, you no longer have to remember the dates for the payment of your regular bills and membership subscriptions. At the date and month specified by you, the amount you need to pay to an individual or organization is automatically transferred from your bank account to that of the payee. As such, not only do Direct Debits save you the time which would have otherwise gone into writing checks and posting them, but also ensure timely payments without any needless hassles.
Direct Debits are ‘guaranteed’ payments: The Direct Debits UK mechanism underscores a safe and reassuring way of making payments which are guaranteed, so that you get automatically protected by some significant safeguards. Your protection in the automated Direct Debit process may either be in the form of instant ‘money back guarantee’ from your bank in case there is some kind of error in payments, or a beforehand notice informing you of any change in date of payment or amount, or even the right to discontinue the Direct Debit authorization at any time, with no questions asked.
Direct Debits can be ‘money-savers’: The simple, safe and useful Direct Debits UK payment method is a great payment option to clear your regular bills as it saves you a lot of time and also some unnecessary expenditure linked to other bill-payment alternatives. The ‘money-saver’ aspect of Direct Debits is evident from the fact that payment of regular bills via this mechanism gives you the advantage of spreading your costs over a period which you have worked out with the payees.
The savings inherent in the Direct Debits UK payment method pertain to the elimination of additional payment handling fee, which presently is £5 per month. Moreover, in addition to this small saving, you can also avail some discounts – which can add up to a handsome amount each year – that organizations generally offer for automated payments, which are convenient and efficient from their perspective too!