Robert Inkaka Kanyamanza

You can now set up recurring payments for automatic electronic debit from your account direct into payees’ account. It is a perfect vehicle for paying employees. Even companies that outsources their payroll sometimes use direct deposit to pay expenses and bonuses, keeping these payments in-house for privacy and control purposes. Direct deposit is also appropriate for recurring payments to utilities companies and regular suppliers, as well as tax instalments to governments.

Direct deposits maximize cash-flow in several ways:

  • First it is less expensive than issuing cheques. A recent study by ROBERTKA Business Solutions estimated that issuing a single payment costs between 9$ and 15$, including blank forms, cheques, printing, authorizing, signing, envelop stuffing, postage, reconciliation and storage costs.
  • You can also gain control over timing by electronically scheduling transactions so that they are paid on the due date on in time for discounts. This should incur minimum interest costs on your line of credit and avoid late payment charges.
  • Plus you have tighter control over errors or payment rejections; within an hour of processing, you receive a detailed report of all accepted and rejected transactions, and can easily correct or delete rejected payments online.

Security is a key issue in any payments system and e-payment is no exception.

ROBERTKA Business Solutions
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