(PRWEB UK) 29 December 2012
The report by The Payments Council provides statistics 5 payment methods; Bacs Direct Debits and Direct Credits, cleared cheques and paper credits, same-day payments: faster payments, same-day payments: CHAPS and cash machine withdrawals.
Volumes of Direct Debit payments continued to grow in Q3 2012 increasing at an annual rate of 1.8 per cent to reach 859 million, with total payments of £271 billion. According to Bacs, the governing body behind Direct Debits, the average Direct Debit was £320. Direct Debits accounted for 61.4 per cent of all payments processed by Bacs during Q3 2012, followed by direct credits with 38.3 per cent and standing orders just 0.3 per cent. Since 2008, the proportion of Bacs payments accounted for by Direct Debits has increased by around 7 per cent, leaving standing orders to fall by over 5 per cent as Fast Payment usage gathers pace.
SmartDebit specialise in Direct Debit processing on behalf of businesses, charities, clubs and the public sector. A representative from the firm shared their thoughts on the statistic:
“The statistics for Q3 show the steady adoption of Direct Debit in the UK, as more people realise the benefits of this method. Many organisations are offering Direct Debit as a method of payment because spreading costs is very important for individuals in this climate. Standing orders are becoming outdated for businesses and individuals, especially from a business perspective due to a lack of flexibility and control payments.”
SmartDebit is the UK’s leading Direct Debit management service, specialising in payment processing services since 1998. A Bacs approved Bureau, scoring ‘Excellent’ in all five categories of the Bacs audit, and ISO 27001 compliant. Providing a complete range of services: Outsourcing; SmartDebit-Admin cloud based portal; SmartDebit-Online payer sign up; SmartDebit-API integrated solution and SmartDebit-Contingency.