Direct Debit popularity at all time high

More British adults than ever before think Direct Debit is a good way to pay, according to research by Bacs Payment Schemes Limited. A massive 79% responded positively when asked what they thought of Direct Debit, illustrating how important this straightforward and convenient payment method is for Britain.

The greatest advocates of Direct Debit remain 25 – 44 year olds with, on average, 71% proactively choosing to pay by Direct Debit instead of alternative options for regular household and personal bills. As a nation, 63% of British adults prefer to pay most of their bills by Direct Debit and of those, 68% state that they want to pay all bills by Direct Debit .

Mike Hutchinson, Head of Marketing, Bacs, said: “Our research illustrates that more and more people are recognising that Direct Debit provides a simple, straightforward and convenient way to pay regular household and personal bills. In fact, figures show that one in four respondents are using Direct Debit more now than they were just a year ago.

“One of the key drivers for this may be the fact that many companies offer a discount for customers that elect to pay by Direct Debit, helping people to save money by doing what is, in effect, absolutely nothing. Our research has shown that as much as £230 can be saved each year, simply by choosing to pay by Direct Debit.”

Even without the discounts on offer by many companies, Direct Debit has significant benefits for bill payers:

• Convenience – regular bills, such as credit card, mobile phone or contents insurance, are paid every time, on time - so even if you get the date wrong, Direct Debit won’t!
• Control – customers remain in complete control of a Direct Debit payment, retaining the right to cancel at any moment – if money is legitimately owed to the vendor, you must ensure an alternative payment option is in place before cancelling
• The Direct Debit Guarantee – if a payment is incorrectly debited from your account, for example on the wrong date or for the wrong amount, you have the right to ask for a full and immediate refund from your bank

For more information on why Direct Debit is the best payment option for you, please visit www.thesmartwaytopay.co.uk.