If you run a club, guild or society that charges regular membership fees then you’ll know that using Direct Debit is the most efficient method to collect recurring payments.
Direct Debit offers a whole host of benefits from helping with cash flow to reducing admin time. But do you know who the best third-party provider is of this tried and tested money collection service?
Read on to find out why FastPay is the best choice for your club’s Direct Debit.
Quick and Easy to Set Up
As a busy club manager or treasurer, switching to Direct Debit might be at the top of your priority list.
But you keep putting it off, imagining piles of paperwork, time-consuming communications and a fiddly set-up with a long, drawn-out approval period.
This isn’t the case with FastPay. A new Direct Debit service can be up and running within 24 hours.
FastPay offers two services, both fast to set up:
- Bureau Service – for those organisations that have a Service User Number (SUN) from their bank
- Managed Service – for those organisations that don’t have a SUN and would like to use one provided by FastPay
Simply provide us with the relevant information to get started and we’ll send you all the required forms and mandates to move your members onto your new Direct Debit scheme.
And you might think it’ll be headache to get your members signed up, however this is also straightforward:
- Your member completes a Direct Debit instruction mandate online, by phone or via a paper mandate
- You send FastPay their account details, the amounts you wish to debit and the designated collection date
- FastPay prepares and submits those details to Bacs and your customer’s account is debited on the agreed date
- The amount is credited to a Client Trust Account that FastPay holds in your name
- Once the funds have cleared, FastPay pays the money into your nominated bank account
Your members’ fees will be in your bank account ready to be used for club activities and to pay for associated club bills and expenses.
On the rare occasion that a Direct Debit is returned, you’ll receive a notification from FastPay so you can take immediate action to contact the member and attempt the collection a second time.
If you run a club, then opting to use Direct Debit to collect your members’ fees is one of the most flexible payment methods.
You’re in control of the payment amount and collection date, provided you notify your member in advance of any changes. Once a member signs a Direct Debit mandate, they are granting you permission to collect funds from their bank account.
So, if rates go up or there’s a one-off cost for an additional activity or service, then you can quickly and easily reflect this in the payment amounts of each member. Simply inform FastPay of the changes and we’ll take care of the rest.
Direct Debit is efficient and automated therefore saving time on financial admin. This time can be reallocated towards better running of the club, or added extras and special treats for your members.
Or, if you’re employing a member of staff or freelancer to manage the financial admin, you could reduce the hours required and save money. Plus, as it’s managed online, the need for stationery and postage, telephone calls or travel costs to attend face-to-face meetings is reduced.
Outsourcing the collection of Direct Debits to a third-party provider like FastPay is cost-effective. The FastPay Bureau Service costs from 3p per Direct Debit (based on volume) with a small, variable one-off set-up charge. The set-up fee for the Managed Service starts at £175, with a charge of 10-50p per Direct Debit (based on volume).
One of the most important things when managing a club is prompting member loyalty. Encouraging new members to sign up and keeping existing members happy can be boosted by offering Direct Debit.
Members often want the simplest method to pay. Their association with your club, society or guild is likely for fun, and the last thing they want is to spend their leisure time sorting out cash payments or remembering to pay each month. And receiving numerous emails or letters from you chasing membership fees doesn’t build the closest relationship.
Last year, 4.2 billion Direct Debit transactions were processed – your members are probably already using it to pay utility bills, insurance and other regular subscriptions. Adding their club membership fees to their list of Direct Debits is quick and easy, meaning they can spend more time enjoying your club’s facilities and services rather than getting bogged down with payment admin.
FastPay offers a branded service, so your members will always see your club’s name and details on mandates and bank statements – further boosting loyalty.
When you run a club, society or guild, you’d no doubt rather be spending your time on the exciting stuff. Occasionally though, there are administrative matters that need your attention.
That’s why if there’s any hiccup in your Direct Debit scheme, FastPay offers free lifetime email and phone support for all clients. Speak to a knowledgeable member of staff and quickly find a solution to any glitch you’re experiencing.
This dedicated support allows you to swiftly return to the fun activities.
Choose FastPay For Your Club’s Direct Debit Today
With many options for third-party Direct Debit providers out there, it’s best to do your research. Check their websites for testimonials and history about the company. Also check on Bacs for approved bureaux and accredited facilities management companies.
FastPay has many happy customers across the country from clubs and societies to IT firms and schools. We have a page on our website dedicated to our client testimonials and case studies as well as clear pricing structures for our services.
If you run a club, society or guild, then FastPay is the best choice to manage your Direct Debit scheme. Get in touch with us today to find out more.