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Posts Tagged ‘Collect’

Everyday companies across America are realizing the benefits of automated payments. There are literally billions of electronic payments being processed each year through the ACH (Automated Clearing House) System. Since 1974 this nationwide network has provided business and government agencies with a fast, inexpensive way to move money.

In the same way that technology has had an impact on the way we live and work, so it has changed the way in which we make payments. Increasingly, we are choosing to use automated payments rather than paper based payments such as checks and bankers’ drafts.

In 2004 there were a record 4.8 billion automated payments (4.5 billion of those were processed by BACS). 93% of automated payments are bulk transactions generated by organizations and businesses both large and small and are: direct debits, used mainly to pay utility bills, life and general insurance premiums and various subscriptions; direct credits, used mainly for salary payments, pensions, annuities and child benefit.

The remaining 7% is made up of inter-bank telephone and online banking payments and standing order payments.

Even with the best intentions, some of your customers will have difficulty making every monthly payment to your office on time. You can continue spending a small fortune on sophisticated billing and collection systems, or you can switch over to one of the fastest growing methods for receiving monthly payments from your customers.  Read more...