Bacs Direct Debit
Bacs Direct Debit is a payment method used in the United Kingdom. It is a popular way for businesses to collect regular payments from their customers or clients, such as monthly subscription fees, utility bills, or insurance premiums.
Bacs Direct Debit works by allowing the business to request payment directly from the customer's bank account. The customer provides their bank details and authorizes the business to take payment by completing a Direct Debit mandate. The mandate gives the business permission to take payments on an ongoing basis, which can be either a fixed amount or a variable amount.
The payments are processed by the Bacs Payment System, which is operated by Bacs Payment Schemes Limited, a UK-based payment clearing house.
Once the Bacs Direct Debit is set up, the business can request payment from the customer's bank account at regular intervals, such as monthly or quarterly.
Bacs Direct Debit offers a number of benefits to both businesses and customers. For businesses, it provides a reliable and efficient way to collect payments, reduces the risk of late payments or defaults, and can help improve cash flow. For customers, it offers a convenient way to make regular payments, avoids the need to remember payment dates, and provides protection against unauthorized transactions under the Direct Debit Guarantee.
With Zaybra, you can use Bacs Direct Debit inside Hubspot as one of the accepted payment methods for your customers to choose from. You only need to activate it in your Stripe portal, and Zaybra will support it.