An Instruction from you to your Bank
A Direct Debit instruction is a permission given to your bank to make payments from your account when they are due. You give this authorisation by completing a Direct Debit Mandate form – this is a paper form provided by your bank.
Once authorised, the organisation can automatically take payments from you according to your instruction (provided that they comply with the scheme rules).
Saves you time & Money
Businesses find Direct Debit just as convenient and efficient as subscribers. For this reason, many offer discounts in return for you paying by Direct Debit.
Also, modern life is hectic – but Direct Debit helps. It takes away much of the hassles associated with paying bills, and puts an end to queuing at the bank and pay-in forms. You’ll find it easier to stay on top of your bills, and you’ll know exactly how much money is going out each month.
For businesses, paying by Direct Debit also means reduced workload and paperwork for your finance department.
You have Control, Flexibility and Safety
The Direct Debit Guarantee gives you a right to immediate refunds for any payments which shouldn’t have been taken. Direct Debit transaction comes with a guarantee so you’re automatically protected by the following safeguards :
• An immediate money back guarantee from your bank in the event of an error in the processing of your Direct Debit
• Advance notice if the date or amount changes
• The right to cancel at any time.
Paying your subscription and levies by Direct Debit allows you to spread costs over a period of time.
It gives you peace of mind
Direct Debit is one of the safest and most reassuring ways of paying your bill. Payments are made automatically, so bills for services and utilities are never forgotten.
Organisations using the Direct Debit scheme have to pass a careful vetting process, and are closely monitored by the banking industry
The Direct Debit Guarantee protects you and your money. It’s offered by all banks and controlled by the CBN through NIBSS.
Since PrecisionPay was set up, we have focused on simplifying Direct Debit and opening up access to companies and individuals who could never previously use it and we are growing fast. We work with a huge range of organizations: small gyms, educational coaching centers and associations use us to reduce admin; fast growing companies use us to power their growth; established institutions use us to dramatically reduce failure rates and most importantly, individual subscribers use us to save time and money.
Our ambitions go beyond this: we want to break down barriers so that businesses and individuals can quickly and simply start taking and receiving payments from anyone, anywhere in Nigeria. We will process your collections on your preferred date with no involvement from your end. We will always keep you informed of any bounced or cancelled Direct Debits as soon as they occur. Bounced payments can be automatically recharged and cancelled Direct Debits can be reinstated.
We also offer a service to write to subscribers on behalf of service providers with regard to any bounces, cancellations, changes to their payment schedule and advance notice letters. All you have to do is complete our one-page application form and a direct debit mandate. The setup procedure takes no more than 24 hours! With a flat fee per collection, Precisionpay is cheaper than almost any other payment/collection method, and we also offer substantial volume discounts. We’re Lagos-based with service offering across the nation, and backed by some of the nation’s leading commercial banks and NIBSS