A direct debit can be set up via secure online banking, over the phone or through a paper direct debit instruction form. Benefits of direct debit for small businessWhile it takes 30 days or more for a customer to pay an invoice, direct debit is almost instant. Easy direct debit for small businessDirect debit was first used in the 1960s, but it was complex and expensive. That’s why direct debit is not recommended for really big transactionsFortunately, only about one in 500 direct debit transactions gets disputed. Direct debit services for small businessesWhile a lot of companies offer online payment services like credit card, debit card and automated clearing house, there are not as many doing direct debit for small business just yet.

Source: Punch June 13, 2019 23:16 UTC