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Now you can get a commitment for automated payments right at customer or credit applications in ezyCollect

September 12, 2023

This article originated from the Xero blog. The XU Hub is an independent news and media platform - for Xero users, by Xero users. Any content, imagery and associated links below are directly from Xero and not produced by the XU Hub.
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Securing direct debit authority from your customers has always been an intelligent strategy for ensuring timely payments and a seamless experience.

But what if we told you there’s a way to capture that commitment even earlier at the application stage?

Introducing our new feature: Direct Debit on Customer or Credit Applications

Getting direct debit authorisation from customers has been a manual process for many businesses – whether dealing with other businesses or individuals.

Setting up automated payments is a dream state for accounts receivable (AR) teams. This facility ensures on-time payments and saves AR team members a ton of effort and time by not having to chase payments anymore.

Usually, getting that automated payment commitment is done through a Direct Debit Authorisation (DDA) sent to customers after the business has approved them. This also means another separate document they need to fill out and for the businesses to process.

It’s a manual process that can be a hassle for customers and businesses who process them. And it can get complicated when you consider other cases:

  1. If your customers have subsidiaries and you have to send separate credit applications and direct debit authority requests for each subsidiary, your customers have to complete each one.
  2. If you require deposit payments when customers apply for your service on top of the amount invoiced – as with transport and equipment hire services.

What if direct debit authority is already woven into the customer or credit application stage? Imagine a customer journey that’s effortlessly smooth from the moment they sign up and continues to be that way every time they make a payment.

Why add payment authorisation to your credit applications?

With a DDA embedded in your online credit applications, you’ll remove one less barrier to payments.

Picture this: No more separate forms for direct debit authorisation. It’s all seamlessly integrated into their application process. Once approved, it’s smooth sailing for every payment they need to make.

(Please note that this feature is only available for ezyCollect Payments and in Australia only).

Here’s how it works:

  1. The customer fills out the online credit application, including credit card details for DDA.
  2. The customer submits the form.
  3. Upon approval of the Credit Application, you can now sync the customer record in ezyCollect, making the DDA available and ready for mapping.
  4. Manager-level users match the DDA with the customer, with the system suggesting possible matches to make it easier for you.
  5. Once matched, every payment can be manually collected through Collect Now or automatically via Auto Collect to your customer’s account.

This approach removes one more worry and offers substantial time savings for you and your customers. Plus, it guarantees on-time payments for your business. Let’s take a closer look at the benefits you’ll get from adding DDA to your Customer or Credit Applications:

Streamlined process to save you time

Removing the need for separate forms transforms your application process into a streamlined, time-saving operation. No more tedious paperwork, no more back-and-forth. Applications move swiftly from start to finish, and your team can redirect their efforts towards more value-added tasks, boosting overall productivity.

Enhanced customer experience

Your customers deserve a hassle-free experience when applying for credit. Integrated DDA in your customer or credit applications ensures this seamless interaction. You create a smooth and efficient journey for customers by embedding it into your application process. This leaves a positive impression and increases customer satisfaction and loyalty.

Reduced late payments

Financial success hinges on consistent and timely payments. Integrated DDA helps you achieve just that. Securing payment commitments early in the application process reduces the risk of late payments. This commitment provides financial stability to your business, ensuring a steady cash flow.

Get started with seamless Customer or Credit Applications

Please contact your Customer Success Manager for more details on integrating DDA into your Customer or Credit Applications or for assistance in adding digital Customer and Credit Applications to your ezyCollect account.

Not an ezyCollect user?

It’s time you and your customer experience seamless credit applications and payments. Please speak with our credit and payments experts to learn more about options for your business

Why leave it there?

To find out more about ezyCollect

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