Importance of DDI – Direct Debit Method

Many companies have to do a daily payment to their clients. For this they use a number of ways to do their transaction.

DDI are direct debit payments request that is submitted to the banks. Under this method Bacs clearing system is used to communicate with the bank. Therefore in order to collect payment from the bank it is necessary to submit and receive messages from Bacs.

What do mean by Bacs?

Bacs are payment system in UK which is used to transfer payment from one bank to another. Its full form is Banker’s Automated Clearing Services.

There is approved software that is used for Bacs.

Countries using DDI

Europe: SEPA and SDD methods of direct payments are used.

United Kingdom: DDI are the most used method of payment.

Germany: It is very well know method in Germany as it allows fast and easy transfer of money.

Netherlands: In Netherland an account holder can authorize a company to collect for direct debit for one time or for several transaction.

Poland: In Poland the account holder can authorize by filling certain forms and after signature verification the transaction can be done.

There are many other countries like Malaysia, Australia, Japan, Ireland, United Sates, and South Africa using direct debit payment method.

There are many ways for fast money making payments. Following are some of them

Cheques: Cheques are used by businessmen, retailers, shops etc as their payment method. It is a very common method of making and receiving payment.

Debit cards: Bank issue debit cards to the account holders against their accounts. One can use their debit card to make payment anywhere.

Credit cards: Credit cards such as master card; visa card etc can be used to make different payments. It is a convenient and easy way to make payment. With the invention of credit card there is no longer any need to carry cash. There is no need to make immediate payment to the bank. There is a credit limit for each transaction.

Direct Debit: Direct debits are easy way to make and receive payments. It is speedy and very safe too. It is suitable to make bill payments as in this method a standing instruction is given and every month the payment is made to the party according to the instruction given.

Online banking: Using online banking money can be transferred anytime d anywhere without much hassles. It is easy and safe method.

Due to the advancement in the technology and fast and growing life new methods of payment are coming up to enable easy and fast transactions. All these methods are easy, safe, secure and user friendly.

Businesses have to take important decisions every day. Due to advancement in internet and new competition entering the market it is the need of time to use the appropriate method for payments.In reality there are hundreds of payment methods that are available in the market. But all cannot be trusted. Also they cannot be used on regular basis to make payments. Therefore it is necessary to select the safest, fastest and the most trustworthy payment options from a well-known financial institution. To more info about interpremium you can click here.

It is the determination and an effort that is required along with the talent of the individual.