Are you the type of person who has no time or is forgetful about managing monthly payment bills, fixed subscription plans or membership, or paying over the counter for your account? You cannot handle the hassle, stress, and anxiety that ensues when you cannot make payments on time. Who would not wish for hassle-free, fast, and convenient payment transactions?
Heads up! Direct debit is the solution to your needs. How does it work? You can give your company or organisation permission to take money from your bank account and pay for nearly everything. And be assured of the transaction following the agreed date and amount to take from you. The good news is that you can easily keep track of these transactions with your bank. Banks like Revolut has this feature which you can access via their Revolut mobile application. It is the safest, simplest, and most convenient way to pay recurring, regular, and one-time payments. Yes, you will not need to worry about meeting deadline payments, especially during busy or leisure times.
Important Things You Need to Know and Consider Before You Set Up Direct Debit
Now that you know that it is a pre-authorised payment set for paying regular products and services, monthly bills, and other account payments, here are the details that you need to know and understand before getting started.
- When you sign a direct debit agreement, you give away consent to a company or organisation to withdraw a specific amount of money from your account. You are informed ten days before the money is drawn out. The company will get information from you to set up direct debit. Make sure to provide correct information for the following:
- Your name and address
- Name and address of your bank
- Your bank account number
- Branch sort code of your bank
The form you filled out gives instructions to the bank that you will pay via direct debit. The company or organisation will be able to take regular payments from your bank account without you confirming it. Since this information you provided is personal and essential, it is wise to check the agreement papers. Also, verify the integrity of the contracting organisation. In this way, you will have a worry-free process to set up direct debit transactions.
- Direct debit transactions are proven safe if you follow the first step. The money that is incorrectly taken from your account by the company or organisation will be 100% refunded by the bank. This agreement is to prove a transparent relationship with the partner organisation.
- Before you set up direct debit, make sure you fund your account. Funding your account is your immediate responsibility – to ensure that you do not lack funds. Remember, a charge will be issued if the direct debit payment is nullified due to insufficient funds. A pre-arrangement of the account is also spelled out in the agreement papers. To avoid this problem, you can set up a personal reminder for funding your account.
- This next detail in setting up your direct debit transaction is very important. Direct debit usually does not require PINs, passwords, or any sensitive data that will eventually cause you problems in the future. Hence, you are guaranteed that it is the safest payment solution out there.
It is time to free yourself from the hassle, stress, and anxiety of a late or forgotten payment schedule. Your solution is setting up a direct debit into your account. Set your authorisation, review the agreement, be protected – and finally get that successful payment transaction!