Myth:

It will cost my company money to offer Direct Payment as a payment option.

Reality:

Direct Payment will save your company money. Direct Payment saves companies an average of 11.5 cents per payment (versus checks) due to reduced processing costs.

Myth:

My company will lose the money that it collects in late fees.

Reality:

You may lose some money in late fees. But collecting money from customers costs you money. With Direct Payment, you will pay less for collections and consistently have more of your money on the due date. More importantly, Direct Payment also helps attract and retain customers. Direct Payment is simply good business.

Myth:

Only large companies offer Direct Payment.

Reality:

A 1998 survey showed that 33 percent of companies with 100 or more employees offer Direct Payment. Twenty-four percent of companies with 50 to 99 employees offer it, and 12 percent of companies with up to 49 employees use Direct Payment.

Myth:

I am not sure that my customers really want Direct Payment.

Reality:

Many of your customers want Direct Payment because it will simplify their lives and take the hassle out of paying bills. In fact, 43 percent of consumers already use Direct Payment for at least one payment (according to NACHA). More will want it in the near future as they hear more about it and see their friends and relatives using it. A recent survey showed that 65 percent of Direct Payment users had increased their use of Direct Payment in the last year, including 38 percent who say they are making three or more payments.

Myth:

With Direct Payment, my customers will not know when their payment was withdrawn from their checking or savings account.

Reality:

Most companies issue statements for their customers. If the amount of the customer's payment varies each month, the company is required to send a statement. Deductions also will appear on customers' monthly bank statements.

Please visit our reply page if you would like someone to contact you regarding the Check Assist Direct Payment plan.