B2B payment automation solutions provider, ezyCollect, has introduced a Direct Debit Authorisation (DDA) on Customer or Credit Applications as a new key feature.
The feature is designed to streamline the method of recurring payment collections, especially during client onboarding, which results in prompt and stress-free payments.
"We are thrilled to introduce our new Direct Debit on Customer or Credit Applications feature," said AJ Singh, CEO of ezyCollect. "This update not only makes it more convenient for businesses to receive timely payments but also provides a seamless onboarding experience for their customers."
Explaining how the conventional process of achieving automated payment commitments can be burdensome for businesses and their clients, Jane Evio, Head of Customer Success at ezyCollect said, "Often, these are paper-based or manually done." She further stated, "With the introduction of our DDA on Online Customer or Credit Application Forms, we offer a practical yet transformative solution to address these challenges head-on."
The DDA on Customer or Credit Application Forms feature is incorporated into ezyCollect's online Credit Application forms. Once enabled, customers can authorise direct debit payments as part of their application. Upon the approval of the credit application, businesses can gather payments automatically, negating the need for individual DDA forms and chasing late payments.
According to the company, the use of this feature brings several benefits to businesses, including:
- Enhanced Efficiency: With the automation of payment authorisation during onboarding, businesses cut back on the time and resources spent analysing separate application and DDA forms and pursuing late payments.
- Reduced Churn: Uncomplicating the application and payment process increases customer satisfaction resulting in lower churn rates. Customers find it easier to apply and pay for products and services, guaranteeing timely delivery of goods and services.
- Increased Revenue: By ensuring prompt payment collection, businesses improve cash flow, which results in increased revenue.
After collection, the DDA data can be tweaked to create personalised payment plans, such as collecting payments on agreed schedules or invoice due dates. This helps in further facilitating the acceptance and management of instalment and recurring payments.
The DDA on Online Customer or Credit Application Forms feature is available as a premium offering to all ezyCollect customers.
ezyCollect is a trusted Accounts Receivables automation, Credit Risk Management and Debtor Management platform, managing over $14 billion in receivables.
It streamlines cash flow and debtor management for businesses with an automated AR platform that integrates digital payments and B2B credit scores. This fully automated solution unravels the typically intricate and often manual accounts receivable function.