As the Coronavirus lockdown seems likely to continue for the foreseeable future many businesses particularly those in the retail and hospitality sectors will be looking to cut costs and save money. Acceptcards, our merchant services partner, have been talking with businesses and asking them to consider the implications of acting too hastily and cancelling direct debit payments or even contracts with their merchant services provider.

We have put together a short one page information sheet that echoes the advice Acceptcards have been dispensing, recommending that businesses avoid cancelling direct debits and instead reach out to payment providers and ask for a suspension of fees if they’re currently not processing payments. The issues that could arise by not doing this could negatively impact on operations in the future.

You can download the information sheet by clicking here.

Tom Cowley
Tom Cowley

Tom brings a wealth of experience to The Financial Management Centre having started his working career as an accounts trainee working his way up to site number one over 20 years ago. He has extensive experience of working in the UK and overseas for a number of prominent groups including Unilever, Shell, Costain, Smit International, Arcelor Mittal and Columbus McKinnon.