DIRECT DEBITS
Direct Debit Services are suitable for service providers who raise regular monthly/quarterly/yearly billings to their customers eg. utility companies/clubs/schools/microfinance companies/insurance companies etc.
It is an automated collection service by which I&M Bank will raise debits electronically from the Bank accounts of customers of these companies on behalf of the service providing company, as standing instructions on fixed dates and frequencies. For this purpose, the service providing company has to have a collection account with I&M Bank.
This service considerably eases the receivables collection logistics of service providers by :
- Saving the risk and hassle of making their customers making payments by cheque or cash and need to visit the bank premises and queuing up.
- Saving monitoring of payment due dates and ensuring prompt payment action, both by payer and service provider.
- Considerably easing the payment collection and reconciliation process ( customers can open and operate dedicated collection accounts for DDTs) and saving collection and operational costs for the service provider.
To avail of this service, please contact any branch of I&M Bank and talk to a Relationship Manager.
