The upcoming departure of Ulster Bank and KBC from the Irish market will mean that many businesses and their customers will have to switch their Direct Debits, (DDs) to alternative providers. The banks’ paper-based facility to do so is widely regarded as unsuitable for the volumes of DDs involved, which could exceed 2.5m. Failed payments generate costs for business and increase the risk that the customer will move to an alternative provider.
The Ward Group has developed an online “Switching Hub” which allows customers change all their DDs from one central online portal. The Hub can then produce a flat file which Direct Debt Originators can use to update your customers’ DDs. This service will really assist businesses in switching their own DDs, protecting revenue, avoiding unpaid customer DDs, retaining customers and minimising costs as well as enhancing customers’ experience.