Don't let the postal strike affect your business
As expected, the recent postal strikes have wreaked a great deal of havoc upon the country, with the business community perhaps the worst affected. Settlements of all descriptions have gone unpaid, leaving thousands facing penalties and charges from their respective lenders. However, those choosing to pay via Direct Debit have found that they remain unscathed by the postal panic and have not suffered any disruption at all.
According to research from Bacs Payment Schemes Limited, approximately 6.6 million adults across the country are in danger of not meeting payment deadlines as a result of the postal strike. Furthermore, of the 12.9 million who pay one of their regular commitments by cheque, over half rely on the postal service in order to make their payments on time.
Michael Chambers, managing director of Bacs comments: "Localised postal strikes up and down the country have already caused mayhem for consumers and businesses. Our figures show that nearly 7 million people responsible for settling major household bills are vulnerable to postal strike problems because of the way they currently choose to settle their bills."
The disorder caused by the strikes only strengthens the case for a way for businesses to transfer money securely and reliably between them. Direct Debits are currently widely used in consumer banking -as the preferred payment method for over half of the population- and are well placed to cross over into business banking, enabling greater visibility of cash flow for companies collecting regular maintenance, subscription or bill payments.
Mr Chambers continued: "As a national postal strike looms, more people are recognising the value of automated payments such as Direct Debits to combat the chaos that will inevitably result in settling regular commitments such as electricity, gas, water, phone, cable/satellite, council tax or credit/store cards."
He concluded: "We would urge those people settling their bills by sending a cheque in the post to set up Direct Debits as a guaranteed way to ensure they stay in complete control and don't have to worry about their bills or payments being delayed."
Direct Debit payers often enjoy incentives such as reduced rates and discounts because the receiving company can be assured that the money owed will arrive on time, every time. By mirroring these in a business environment, mutual gains could be experienced by all parties and transparency in cash flow achieved.
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