In the payments and banking industry, there are a wide variety of acronyms and abbreviations that...
Securing your cash flow
Only the strong and the wily will be able to weather this upcoming storm, so now is the most important time to take heed of professional advice.
There are several ways you can ensure that your customers don’t end up cancelling their Direct Debit with you, ensuring your businesses cashflow continues.
Ensure that the service you are offering is carried out in a timely manner
If a customer has signed up for a service from company, this service must be carried out within the time frame given. A customer can also claim that they have been mis-sold if they have nothing to show for the Direct Debit. Banks take this matter very seriously.
The Direct Debit you were collecting from this individual will be indemnified and you will have to pay this money back.
Make sure your services are required
Many businesses have had to evolve and change to ensure that they continue to trade, this is especially important due to the current recession. Most people will be reviewing their outgoing payments, tightening their belts, and making sure that they are not paying for un-needed services. Making sure that your business is needed is arguably one of the most important aspects of continuing to prosper within your market. If you want to continue collecting funds, continue to be necessary!
Customers will not remain customers for long if your product or service is not up to scratch. Ensure that your service is the best it can be. Loyalty and customer retention cannot be expected to a business that does not follow through with their mission statement. Sell your service to the highest standard, through hard work.
During these unprecedented times, we have not lost a single client. We have successfully supported businesses and managed Direct Debit/Credits, securing their safety to continue to trade. If our clients continue to trade in a professional way, then we will continue to grow with them.