Bacs approved payments bureau Rapidata, launches Control my Payment, giving consumers more control and flexibility over their Direct Debits and enhancing the appeal of Direct Debit as the method of choice for regular payments – Brits pay 73% of household bills this way, from mortgages, tenancy and utility bills to club memberships, donations and online subscriptions.
Control my Payment has been developed by Rapidata against the backdrop of a growing awareness, both at industry and Government level, of the need for payment access and innovation in an increasingly digital economy.
As an easy add-on to their Direct Debit service, Control my Payment offers businesses the ability to give payers a suite of Direct Debit options that meet the requirements of the organisation while giving their customers greater control over their regular payments. These can range from skipping a payment or changing the payment date, to spreading the cost over the month. By offering these options, businesses can help to reduce Direct Debit cancellations, make cost savings on the time and resources currently spent dealing with payment enquiries, and promote Direct Debit to a new audience.
Control my Payment also provides a platform with which businesses can position key marketing messages and promotions in the same space. This is a new level of engagement that can support customer loyalty as well as upgrade or cross-sell programmes.
The launch of ‘Control my Payment’ also follows research by Rapidata into today's consumer expectations that clearly demonstrates the growing need to give customers more control over their regular payments. A poll of 2,000 people who make Direct Debit payments, found that nearly three-quarters (74%) strongly agree “it’s important that people should be able to fully control their Direct Debit outgoings each month.”
Scott Gray, CEO at Rapidata, comments: “The payments industry must innovate to ensure we keep pace with the way people pay for goods and services in today’s new economy. Rapidata is playing its part by shaping the future of Direct Debits with Control my Payment.
“In our fast-moving digital lives, it’s clear that many people want to be able to fit their Direct Debit payments around their lifestyle and financial commitments. We are giving organisations who process Direct Debits a way to give their customers what they expect, while also working with our clients to develop bespoke offerings that work for their specific product offerings and audiences.”