Is it possible to remit the funds to the suppliers and others in time without worrying much about the amount to be paid and the date on which the amount has to be paid? Of course, now the small business organizations, individuals and others can very well depend upon Smart Direct Debits who are coming forward with different kinds of solutions in order to solve all issues relating to payments.
In fact they provide the technical expertise apart from interbank switching infrastructure for the banks.
Why direct debit is required?
The procedure is very simple. In fact it is a safe and convenient mode of transferring funds from the bank account to the accounts of others using the services available from direct debit.
Normally organizations, individuals, educational institutions and others are in a position to send regular payments namely; loan instalments, telephone bills, electricity charges, water and sewerage charges, rent for the premises, annual maintenance charges and many others on different dates. It is quite normal that they may not be in a position to have a regular monitoring system for the following reasons namely; the individuals cannot employ an accountant for monitoring the payments; on account of busy schedules, they may not be able to execute the payment orders in time etc.
In the case of small organizations and institutions, a separate manpower establishment costs them more. In case the work is entrusted to direct debits, they can complete the formalities in time on the due dates since they are fully engaged in such types of activities.
How to get avail services from Smart Direct Debits?
Individuals, organizations and educational institutions who are willing to engage the services of Smart Direct Debits should submit an application form meant for the purpose and authorize the agency to debit their accounts towards various payments and the authorization letter should be lodged with the bankers.
Once the bankers accept the authorization letter, they permit the agency to debit the accounts of the customers. Once the funds are made available in the accounts of the bankers, the amount is debited to the account and transferred to the account of the Smart Direct Debits. The funds such transferred are utilized towards making various payments due by the requester.
What do you mean by direct debit authorization at ATMs?
On account of the shared payment network system, banks are able to share the transactions through their ATM and the transfer instructions can also be given by the account holder to the banker for transferring the amount through any one of the ATM’s which available within the purview of the shared payment network system.
In case the bank is one among the members of a shared ATM network of Smart Direct Debit, transfer of funds is made possible through ATM and the client can authorize the instructions through any one of the ATM available in the network.
This can be done at any time and at any place and there is no need for the client to approach the bank and surrender the authorization instructions.