Direct Debit Blog

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Ryan Gray

in Direct Debit, IT Sector

on 13 April 2018

How FastPay Helped Companies Within the IT Services Industry

Time is one of our most precious commodities. Both in our personal and business lives.

A study into the “time famine of modern life” has shown that people around the world are suffering from a new kind of poverty: time-scarcity. And this feeling of never having enough time is impacting our wellbeing – contributing to higher stress levels, reduced happiness and increased anxiety.

It’s not just at home where our time is in short supply. Research has shown that 38% of business owners rate time as their most valuable asset, more important than even computers and mobile phones. And despite SME entrepreneurs working an average of 40 hours per week, more than a third neglect business growth activity because of a lack of time.

There are numerous unimportant or repetitive administrative tasks that eat into our working day. Findings from a recent report show that employees of UK SMEs spend an average of four hours per week on financial admin.

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Four Problems within the IT Sector Fixed with Payment by Bacs

Erratic cashflow? Too many customer complaints? An ever-growing debtors’ list?

If any of these success-compromising issues are affecting your IT business, it’s time to think smart.

While you’re offering your clients the latest tech to transform how their businesses work, it’s easy to forget that some of your own problems can also be solved with a little digital help.

Here we explore how accepting payment by Bacs by setting up a Direct Debit scheme can ease the pressure. Four simple and very common business challenges solved with just one simple change.

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The Direct Debit Mandate: A Guide to Securing Your Cash Flow

As a business, managing your money is absolutely critical.

If you’re not on top of your cash flow, credit control and expenditure, and have a contingency budget set aside to cover unexpected costs then your company could run out of funds and fail.

Recent research has found that 90% of small businesses in the UK close down because of unsustainable budgeting issues. And that the average wait for invoices to be paid is a cashflow-disrupting 72 days.

There’s a worrying trend towards persistent late payments and smaller organisations tend to suffer the most as they’re often at the end of the supply chain. The issue has become so widespread that the UK government recently launched a late payments complaint procedure.

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Keeping Track of Your Direct Debit Payments Within the IT Sector

In the ever-evolving digital age, it may feel like your IT business has competition on every corner. Attracting clients is one challenge, retaining them is another.

You want them to sign up and stick around for the long haul.

Offering exemplary service is top of the list here, whether you offer web hosting, IT support or both. But don’t forget to look at the whole package: how you’re paid can make all the difference not just to your bottom line but to the size of your client database.

Here we explore how partnering with a bureau and keeping track of the timings of Direct Debits payments efficiently can turn customers into loyal brand advocates.

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Setting up a Business Development Process within the IT Sector

Has your IT sector firm enjoyed a burst of growth but progress has recently plateaued? Then it’s time to take a step back and refocus attention on business development.

Setting up a robust business development process will ensure you don’t stagnate and continue to drive revenue.

What is business development? Here’s what it isn’t – it’s not about “hustling”, short term gains or “hit and run” sales. It’s about long-term returns, fostering ongoing client and supplier relationships and sustainably adding value to meet strategic business goals.

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10 Small Business IT Solutions Worth Investing in this Year

Your IT solutions firm is successfully helping SMEs with an impressive range of services from infrastructure and web hosting to tech troubleshooting and data recovery.

You’ve scaled up your venture and are now looking to invest in low cost technology that will boost your own business without breaking the bank.

And with two thirds of UK small enterprises investing in digital technologies to improve their growth and attract new customers, you’re in good company.

Here we detail ten technology solutions in six core business areas, that will help to streamline and enhance your day-to-day working life.

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Unpaid Invoices for IT Services: How to Deal with Late Payments

Unpaid invoices are a serious threat to your IT business.

Latest research shows that the average SME is owed £63,881 in late payments, with 11% owed over £100,000.

According to the Federation of Small Business (FSB), this equates to a £2.5bn hit to the UK economy and contributes to the demise of 50,000 SMEs each year.

Staggering statistics that create a recipe for business disaster: compromised cash flow, wasted time and money and damaged customer relationships.

Here we explore why unpaid fees cause such disruption and how you can tackle the persistent late payee problem to drive your IT business forward.

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How to Set Up Direct Debit Within the Telecoms Industry: An FAQ

People today are increasingly time poor, both in their personal lives and at work. Half of UK adults admit to feeling busier now than they did 12 months ago and 41% say they have less free time than they did a decade ago.

The payment industry has responded, and in the age of contactless cards and instant one-click online shopping, we’re purchasing goods and services faster than ever before.

Paying regular fees and subscriptions by Direct Debit is the new norm. Latest BACS research found that the volume of Direct Debits processed grew by 5% in 2017 as large and small companies use it to respond to customer demand.

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Small Business Telecoms Companies: How FastPay Can Help You

Your client list is expanding, your team is growing and your turnover is looking healthier every year.

As a small business telecoms company, you’re delivering the best products and service to your clients, helping them perform efficiently as a modern tech-enabled workforce.

But what about your own business? Can you tick off everything on the digital must-have list? You’ve got your communications covered but what about the way you accept regular client payments?

If you’re still using invoicing methods from the pre-digital dark ages such as Standing Orders or cheques, it’s time for change.

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Direct Debit Success Stories: FastPay’s Work with Telecoms Providers

According to the latest report from Ofcom, the UK telecoms sector is worth £37.5bn, expanding by £0.1bn in 2016.

The forecast is for more growth as demand from both individuals and businesses booms.

Predictions from recent research suggest 92% of adults in the UK will have a smartphone within the next five years, an increase from 85% today.

And official statistics from the Department for Business, Energy and Industrial Strategy revealed that the number of UK businesses has hit a record high of 5.5m, an increase of 23% since 2010. Of these newcomers, 1m are small enterprises, 4,000 are medium-sized and 900 are large businesses.

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