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Setting up a direct debit facility

  • 13-10-2009 7:51am
    #1
    arctictree
    Registered Users, Registered Users 2 Posts: 4,401 ✭✭✭


    I wonder if someone could point us in the right direction here.

    We are thinking of setting up a direct debit facility for our customers instead of sending out many small invoices each month and chasing them up.

    Has anyone gone through the process here with a bank? We are a startup and only in business for 6 months and I have heard that banks do not provide this facility to startups - is this true?

    Thanks

    A


Comments

  • #2
    kenbrady
    Closed Accounts Posts: 404 ✭✭kenbrady


    arctictree wrote: »
    I wonder if someone could point us in the right direction here.

    We are thinking of setting up a direct debit facility for our customers instead of sending out many small invoices each month and chasing them up.

    Has anyone gone through the process here with a bank? We are a startup and only in business for 6 months and I have heard that banks do not provide this facility to startups - is this true?

    Thanks

    A
    Banks will take each case on it's merits, but it is difficult to get set-up as a direct debit originator at the moment. You could potentially defraud companies of large amounts of money very quickly, so banks are nervous of start-ups.

    Talk to your bank is the only way to know for sure.


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