Transaction failure
Direct Debit and Direct Credit are popular payment methods in the UK, with overall figures forecast to rise to 7.2 billion transactions by 2015. However, as the number of transactions rises, so too does the number of failures.
Payment fraud
Due to the improved security of Chip and PIN there has been a move in fraudulent activity from payment cards to Direct Debit and Direct Credit transactions.
Bank Wizard Absolute can rectify these problems which include:
- Misdirected debits and credits
- Payments to inappropriate accounts
- Repair costs for failed payments
- Customer service and reputational damage
- Fraudulent debits and credits
- Theft of items or services
- Customers driven to use more expensive payment methods