When it comes to online bill presentment and payment services, the services are offered nowadays by large banks, major billing companies and financial service establishments. In order to make the consumer’s life simpler and more comfortable, these services are made available to the clients by the service providers through several attractive packages with an ultimate aim to make online payments more effective, accurate and time bound. It is the responsibility of the clients to enter into an agreement with the service provider based upon the market information as to the excellent services offered by him.
What do you mean by online payment?
When it comes to payments to be received from the clients and payments to be made to the clients, nowadays, rarely payments are effected in cash and through checks on account of the facts, that these procedures are found to be time consuming and involving more manpower for collection and remittance.
However, when it comes to online payments, the payments are done by debiting the account of the client and crediting the amount to the beneficiary’s account through online debit procedure.The service provider collects the details in regard to bank account number, amount and name of the bank and effects transfers on the specified dates by collecting reasonable charges as commission for the services rendered by him.
What do you mean by direct debit?
Once the clients furnish the details to the service provider the service provider enters the details in the software package and prior intimations are made to the clients one week before the due date about the amount to be debited to their accounts on the due date. This intimation is very much useful for the clients in providing sufficient funds in their accounts. On the due date the clients’ accounts are debited and the beneficiary’s accounts are credited through the online transfer facility. This responsibility is undertaken by Direct Debits UK. On account of the services provided by them, the clients need not worry about the timely payment they have to effect to various suppliers on different dates since Direct Debits UK undertakes the responsibility. Similarly, for the organizations, timely payments are credited to their accounts from their clients’ accounts.
What do you know by bill presentment?
When it comes to presentment of bills, it means that the bill or invoice should made available to the clients either through email or mobile communication and the client is in a position to view the bill submitted by the supplier through the service provider and in case of any disputes, he can place his queries which will be attended by the supplier. Otherwise, it will be presumed that the client is agreeable to the bill and on due date the payment due for the bill will be debited to his account and transferred to the account of the supplier through Direct Debits UK.
What do you know by bill management?
When it comes to bill management, the service provider undertakes to offer various alerts through email, SMS etc. informing the clients about the details of bills and the amount due against such bills and the probable date by which the bills are to be honored. While on the other hand the client is able to view the bill when it is presented online, on the other hand he gets prior information about the payment due for the bill.