Direct Debit Blog

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Why Private Healthcare Finance Needs to Change

Paying by debit or credit card is big business in the medical finance sector.

Figures from UK Finance show that in 2017 medical services accounted for 17.5 million card transactions worth £2.4 billion. For medical goods these figures stand at 9 million transactions worth £256 million. And for optical goods, 6 million transactions worth £983 million were processed.

They’re clearly a popular and convenient way for consumers to settle their healthcare bills. But there’s a sting in the tail.

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Direct Debit for a Private Healthcare Business

Google “Direct Debit bureau” and you’ll be spoilt for choice. With each one broadcasting the benefits they can bring to your business, how do you choose between them all?

As a private healthcare business, you want the best fit for your company to keep it in peak condition.

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How to Set Up a Direct Debit and Manage It Long-term

As a business, organising recurring customer payments to be collected by Direct Debit is a straightforward process. And, once established, it’s easy to manage.

Here we detail how to set up a Direct Debit payment method for your organisation, and how to manage it in the long-term, including how to change a Direct Debit .
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Recurring Payments: How Direct Debit Can Grow Your Business

If your business accepts recurring payments from customers and you’re not yet using Direct Debit, then this article is for you.

Whether you’re an after-school club or private healthcare clinic, a web hosting service provider or gym owner, switching the collection of customers’ regular payments to Direct Debit can help to grow your business.

Here we explain the benefits of Direct Debit for any business with a recurring payment model, no matter if your customers pay weekly, monthly, quarterly or even annually.

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How Finance Fits Into Your Overall Business Process

When setting up a new business or overhauling an existing one, a well-considered and thoroughly researched business strategy should always come first.

Once you have a solid business strategy, you can then plan out the various business processes required to meet your strategic goals. A core part of a successful business strategy is finance, and a focus on the finance business procedures will ensure efficiency and help you to meet your targets.

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Ryan Gray

in Money, Setting Up a Business

on 13 June 2018

5 Methods of Payment Your Business Could Use to Run Smoothly

When it comes to parting with their hard-earned cash, consumers have a range of options to pay for goods and services: notes and coins, a few clicks on their phone, maybe an arrangement to pay a monthly fee automatically.

For some, they’ll prefer to rely on traditional methods such as cash, cheques and Standing Orders. They’re happy with the systems they use now but could be persuaded to embrace the digital revolution.

For others, they’re more interested in the different ways to pay online. They want to manage their finances quickly, efficiently and with the least disruption to their busy lives. For them, anything other than the latest tech just won’t cut it.

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How to Calculate Cash Flow: A Startup Guide

If you’re in the process of setting up a new business, such as a private healthcare practice, then one of the first things you’ll need to do is estimate your future cash flow.

But just what is a cash flow forecast? And where do you start when creating one?

Here we detail why managing a healthy cash flow is critical for a successful startup and how to calculate cash flow forecasts with a step-by-step guide.

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Direct Debit Questions: FAQs for the Education Sector

For nursery heads, school and college bursars and after-school club managers, balancing the financials is a daily challenge.

A challenge that can be easily overcome thanks to Direct Debit.

Whether you’re setting up from scratch, overhauling an existing financial system or expanding your education business, the benefits of choosing Direct Debit as your payment partner are clear: flexibility, reliability, security to name just a few.

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Ryan Gray

in Education Sector

on 29 May 2018

Direct Debit in Education: What Services Can We Provide?

If you’re running a busy nursery, school, college, academy or university and you’re looking for a way to streamline the collection of regular payments as well as simplify your payroll function, then FastPay is for you.

FastPay provides two services: Direct Debit and Direct Credit. These easy-to-set-up services will make the management of your school finance operation more time effective, reduce administrative paperwork and improve your cashflow.

Here we look at the uses of Direct Credit and Direct Debit in education.

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Ryan Gray

in bacs, bacs payment services

on 17 May 2018

Bacs Transfer Times: A Timeline and Explanation

Traditionally, the door to Direct Debit was closed for accepting regular payments for things such as nursery and school fees. 

With insufficient turnover to meet the banks’ strict criteria, small business managers and headteachers had no choice but to rely on less efficient methods such as cheques, cash and Standing Orders.

But with the advent of Direct Debit bureaux and their expertise with Bacs transfer times, it’s now possible – and remarkably easy – to cast aside these outdated ways of collecting cash.

A bureau such as FastPay can take care of everything, leaving you to concentrate on your staff, pupils and demanding workload.

But how can parents make a bank transfer using Bacs? Here we’ll explain the ins and outs of accepting fees via the most secure, reliable and flexible system available.

Read on to learn about Direct Debit timings and how you can be up and running within just 24 hours.

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