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FREQUENTLY ASKED QUESTIONS
If you have a question please look through the answers to these that others have asked previously. If you don't see the information you want please contact us and we'll give a specific answer and, if it's appropriate, add your question and our answer to the listing.
Do I have to use my bank to collect money by Direct Debit?
Why don't banks want to give me access to collecting money by Direct Debit?
How is that UK Direct Debit can provide access to Direct Debits if the banks can't?
Does our name appear on our clients'/customers' bank statements?
How do we get our name to appear on our clients'/customers' bank account statements?
How do I get my money once it has been collected?
How long does it take to activate my account once I have applied?
Do I have to use my bank to collect money by Direct Debit?
No. In fact, in our experience, it is difficult to get any bank to provide new or small business with the ability to do so.
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Why don't banks want to give me access to collecting money by Direct Debit?
Actually it's very simple. Banks are there to make a profit and are not there to take risks! For a bank to provide you with Direct Debit Origination they would have to first sponsor you to the BACS organisation and then indemnify them against your making any collections that have tio be refunded, That means that if you are unable to make the repayment the bank has to do so on your behalf - and, we're sure you'll agree that could be described as a risk! As far as the bank's profit motive goes the volumes have to be high enough to give a "suitable" return - that generally means very high volumes!
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How is that UK Direct Debit can provide access to Direct Debits if the banks can't?
UK Direct Debit is a duly appointed Agentr by Card Management Services Limited (CMS) - a wholely owned subsidiary of London & Zurich plc (L&Z). L&Z allow selected clients to use their full BACS membership and Direct Debit systems to collect monies. This means that you use L&Z's systems for a fee.
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Does our name appear on our clients/customers bank statements?
No. What appears is London & Zurich plc, Birmingham. It is possible to have your name appear but this is subject to a fee that reflects the time and effort and the fee that BACS charges London & Zurich - for more information please click here.
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How do we get our name to appear on our clients'/customers' bank account statements?
No. What appears is London & Zurich plc, Birmingham. It is possible to have your name appear but this is subject to a fee that reflects the time and effort and the fee that BACS charges London & Zurich - for more information please click here.
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How do I get my money once it has been collected?
The service provider, London & Zurich plc, collect the money on your behalf and then transfer it by the BACS system direct to your business bank account.
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What is meant by BACS?
BACS (Bankers Automated Clearing System) is the system used by the Banks and other organisations that transfers and collects monies electronically through the banking system. It is run by a membership-based industry body and the entire process is closely regulated.
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How long does it take to activate my account once I have applied?
Usually about ten working days from the receipt of your correctly completed Proposal in our offices. (That means ten days from the working day we commence processing your application.)
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