What payment method do you use in paying your bills? When paying your bills or any other purchases you have made, you always want it to be secured. If you operate your own business, then direct payment solutions can help you protect your business and your clients’ sensitive data.
During the good old days, bills usually arrive in your mailbox. After opening the envelope, you will instantly know the amount that you owed. The next thing that you will do is to get a pen and look for your cheque book. After skimming through your cheque book, you have finally found a blank check. You started writing out the amount that you owed based on the bill that you have received. But unexpectedly, your pen did not work anymore. After spending a few minutes scanning your drawer, you have finally found a new pen.
After you have finished writing out the check, you placed it inside the envelope. The next thing to be done is to look for a stamp. Lastly, you need to bring the envelope to the mailbox so the mailman can send your bill right away. Although a few years ago, this was the most dominant way of paying your bill, yet technology has come a long way. Modern technology has transformed the way we perform our everyday tasks, including how we pay our bills. Here, we will look at one of the most popular payment methods, known as direct payment.
What is Direct Payment?
So, what does the term “direct payment” actually mean? Direct payment is the best method by which consumers can pay their bills instantly and electronically. It means that consumers will transfer money from their bank account to the company they want to pay. Direct payment has other names, including electronic funds transfer (EFT), direct debit, electronic funds withdrawal, or direct withdrawal are also known.
What are the Advantages of Using Direct Payment?
Direct payment is safe and secure. They are very easy to set up. The system will automatically deduce every month, which means you won’t have any missed or late payments. You will not have to worry about any lost or stolen checks.
How Does Direct Payment Work?
One of the questions that you might be asking yourself is how to set up a direct payment? Or perhaps you might be curious how the transferring of money is conducted? First of all, you need to decide which bills and which companies will you be paying using direct payment solutions. In most cases, companies will expect you to set up a direct payment using your online account with them. If you need help in setting up your direct payment, you can always call the company and assist you.
If you use your online account with the company, you have to provide some relevant information about your bank account. For instance, you have to provide them with your account number and routing number, so the company will know which account they will use in withdrawing funds. After setting up your account information, the company can now withdraw payments from your account each month.
Direct payment is the best way of paying your bills securely and automatically. It can remove the hassle of remembering your due dates. And most of all, you can ensure that your sensitive information is safe.
Author: payal kapoor
