Direct Debit

A direct debit or direct withdrawal is a financial transaction in which one person withdraws funds from another person's bank account. Formally, the person who directly draws the funds ("the payee") instructs his or her bank to collect (i.e., debit) an amount directly from another's ("the payer's") bank account designated by the payer and pay those funds into a bank account designated by the payee. Before the payer's banker will allow the transaction to take place, the payer must have advised the bank that he or she has authorized the payee to directly draw the funds. It is also called pre-authorized debit (PAD) or pre-authorized payment (PAP).
Posts about Direct Debit
  • Insurance sites need to work on their checkout processes

    … security symbols, the layout and small text fields would benefit from being revamped. At the checkout the security symbols are prominently displayed and the design is consistent with the rest of the application process, meaning it’s cluttered and difficult to read. When setting up a direct debit Hiscox requires a lot of information relative…

    David Moth/ Econsultancyin Google- 5 readers -
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