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Direct Debit Blog

Information for companies considering using Direct Debit and Paperless Online Direct Debits as a payment option for their customers.

thumb payments guideManaging late payments is a continual headache, requiring time to chase customers causing you and your team to divert resource away from core business activities.

Together with market uncertainty, especially during the last 8 months of the global pandemic, everyone wants to retain their funds for as long as they can, but equally get paid quicker.

We’ve put together a short guide, outlining tips and advice on how to receive your payments accurately and on-time.

 

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With a second lockdown upon us, businesses are likely to look even more closely at their active, voluntary churn rates, formulate further strategies to improve customer satisfaction and engagement to reduce cancellations in their service.

However, it’s also important not to forget about involuntary churn during this time. Subscription businesses face a complex process, as each renewal presents a chance for the payment to be declined. This can present a risk as the longer the time period extends since the initial payment, the greater the chance for payments failure.

With that in mind, we’ve pulled out 3 reasons why involuntary churn should be a focus:

1. Stalling your revenue:

When using subscription model, there can be a natural focus on acquiring new customers and managing voluntary churn. Mainly this is because it’s easier to manage prospects and customers, in order to drive further revenue. However, involuntary churn, if not monitored closely can damage any revenue gains made through acquiring new customers.

If a customer fails to update their credit card details once it’s expired, the business will lose all current and future revenue, as well as experiencing an increase in overall churn rate. However, it’s not just expired cards, but max credit limits, lack of funds in the account or even fraud checks which can affect involuntary churn rates.

2. Customer experience

While your revenue and profit margins are undoubtedly impacted by involuntary churn, it’s also worth thinking about the customer experience. If you’re frequently chasing customers to update their details, there is a risk that this annoyance or inconvenience can deter customers from purchasing from you in the long run.

A customer experience or one that appears convenient and quick will always be seen positively and likely to lead to greater engagement in the future.

3. Smaller improvements can make a big difference

Involuntary churn shouldn’t be dismissed as just a cost of doing business. It’s an important metric when looking at how to maximise your profit margins, and with a few small changes you may see over time how it can translate into large scale improvements.

While we know that the main reasons for voluntary churn is around customer satisfaction and value for money of products and services, however involuntary churn can often be put down to technology and communication failures.

Using the right prevention tool, such as a personalised notification or a retry attempt to process payments, can be effective and simple techniques to reduce your involuntary churn rates.

Equally, making sure you’re using your customer and payments data in tandem, you’ll benefit from valuable insights and better communication to deliver the right message, at the right time, in the right way.

As a Bacs bureau, our Direct Debit service enables you to collect recurring payments, accurately and on-time. We provide clients with visibility over their Direct Debit, including successful and failed payments. Get in touch today to learn how we can help you reduce involuntary churn.

LBG announces Eazy Collect as first PSP client onboarded to Lloyds Bank Gem, the newest Cash Management and Payments Platform

At the recent Lloyds Bank Payments Innovation Conference, Steve Everitt, MD Head of Payments for LBG Global Transaction Banking, paid tribute to Eazy Collect being the first client to adopt the new platform focused on delivering leading payment management technology to Payment Service Providers.

Eazy Collect, an Access Group company, provides a range of end to end two-way API direct debit solutions along with complementary payment services such as bank validation, card acquiring and gateway solutions.

With Lloyds Bank Gem, Andy Stalsberg, CEO of Eazy Collect, commented that the new platform’s enhanced capabilities will bring several immediate benefits such as real time data analytics and instant bank account opening. This not only improves our overall services to our SME and Corporate clients, but will allow for real time risk management and monitoring across our portfolio of clients to ensure PSD2 regulatory requirements are exceeded. Eazy Collect’s proprietary DD platform, Eazy Customer Manager, has now processed over £2b across millions of transactions for its clients.

#LBGpaymentsconference

For further information about Eazy Collect - https://www.eazycollect.co.uk

For further information about Access Group - https://www.theaccessgroup.com

Eazy Collect Services Limited (Eazy Collect) are pleased to announce that they have been appointed a Guarantor of Pay.UK.

Pay.UK was formed in 2017 and has brought together Bacs, Faster Payments, Cheque and Credit Clearing and UK Payments Administration. Pay.UK owns, manages and operates the products and services that enable a vibrant UK economy.

Every day, individuals and businesses use the services Pay.UK provides to get their salaries, pay their bills and make online and mobile banking payments. Pay.UK moves more than £7 trillion every year, through Bacs Direct Credit, Direct Debit, Faster Payments, cheques and Paym.

Pay.UK’s core purpose is to support a vibrant UK economy enabling a globally competitive payments industry through the provision of robust, resilient, collaborative retail payment services, rules and standards for the benefit of all users. Pay.UK seeks to achieve this by driving greater participation and involvement in payments so payment service providers are competing and innovating solutions which respond to customer needs, driving better service and value for end users.
Pay.UK are the guardians and pioneers of payments, modernising the ecosystem and ensuring that companies and individuals participate in payments according to the standards and rules which Pay.UK set.

At the core of this vision sits a robust and resilient technical platform for processing payments. This is the basis for all payment operations and will be centrally procured and deployed by Pay.UK.

Beyond this, Pay.UK will ensure that participation is reliant on Standards and Rules which enable interoperability, alignment and fairness so that payment providers, businesses and individuals can provide payment solutions, apps and facilities to help people in the UK have more control and more benefits from making payments.

To achieve their aims Pay.UK are expanding their Guarantor base so that it better represents the wide range of stakeholders in the payments ecosystem. This will help ensure that the Pay.UK Board makes decisions in favour of the wider Community interest.

Eazy Collect, recently acquired by the business software powerhouse, Access Group, is a leading UK PayTech established in 2002 focused on delivering Direct Debit and payment management services via its Eazy Customer Manager® cloud-based platform. As a Bacs Approved Bureau, Bacs Accredited Commercial Facility Management Provider and FCA regulated Payment Institution Eazy Collect make payment processing simple.

Eazy Collect supports Pay.UK’s mission to enable a vibrant UK economy and as a Guarantor of Pay.UK will seek to hold the board accountable for the continued fulfilment of its purpose and strategic objectives, including maintaining the integrity of the products and services it operates, acting as a catalyst for change in the payments industry, and promoting competition in both upstream and downstream services.

For further information about Eazy Collect - https://www.eazycollect.co.uk

For further information about Access Group - https://www.theaccessgroup.com

The Access Group extends payment processing capabilities with acquisition of Eazy Collect

The Access Group, one of the UK’s leading providers of software to the UK mid-market, has today announced the completion of the acquisition of Eazy Collect, one of the UK’s leading payment platform providers for SME’s, not-for-profit, blue-chip corporates and public sector. Eazy Collect processes in excess of 4m payments per year, with a consolidated value in excess of £400m, for companies of all sizes across multiple industry sectors. Since its start in 2002, Eazy Collect has developed a reputation for delivering market leading payment processing solutions that enable their 800 customers, from across the leisure, insurance, utility, finance, telecoms and other sectors, including trusted UK brands such as Arriva, Cannon Hygiene, Midlands Air Ambulance and IHG Hotels, to streamline administration and substantially reduce costs and the time associated with payment processing.


Chris Bayne, CEO of Access, commented: "Following our recent acquisition of Rapidata, the market leader in direct debit processing for the not-for-profit sector, we are enhancing and extending our business in this space with the acquisition of Eazy Collect. We now have a commanding position in the UK payment processing space across multiple industries and will be able to offer even more of our customers, current and future, the capability to process payments in an integrated fashion through their Access Workspace solutions.

The UK direct debit payments market alone exceeded 4bn transactions last year, with nine in every ten UK adults having at least one direct debit. So our immediate focus will be on integrating the Eazy Collect payments processing capabilities into the Access Workspace suite of solutions, which will accelerate our ability to offer payments processing capabilities to all of our focus industry verticals."


Andy Stalsberg, CEO Eazy Collect, commented: "Over the last 17 years we have built Eazy Collect into one of the UK’s leading FCA Regulated Payment Service Providers with a focus on secure, automated and scalable direct debit and card processing solutions. From our initial strength in the leisure industry and now operating across multiple sectors including our key verticals of Insurance, Utilities, Finance and Telecoms. The growth of the business has been established on a solid foundation of delivering cloud-based and integrated payment processing solutions built on the five key tenants for our industry - compliance, security, integrity, confidentiality and availability. Our flexible and quick to supply solutions are at the forefront of the market and as part of Access we will be able to consolidate our position as a market leader in the payments sector and further support our growth ambitions into other industries more rapidly."

– Ends –

For further information about Eazy Collect, visit https://www.eazycollect.co.uk 

 

About Access

The Access Group is a leading provider of business software to mid-sized UK organisations. It helps more than 18,000 customers across commercial and not-for-profit sectors become more productive and efficient. Its innovative Access Workspace technology transforms the way business software is used, giving every employee the freedom to do more.
Established in 1991, The Access Group, employs more than 2,000 staff.

For further information about Access Group – https://www.theaccessgroup.com

 

Media Information: Jackie Lawrence
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