Citi offers two services that can enable you to offer automated direct debits to your customers as a convenient payment method. An automated direct debit program can reduce your transaction costs, improve accounting efficiency, and accelerate your receivables cash flows.
Citibank® Direct Debit Services
Citibank® Direct Debit Services meets the needs of clients who manage their direct debit program in house. You can collect authorizations and bank account information from your customers, and subsequently send instructions to Citi to debit your customers' accounts via ACH, in order to settle their outstanding obligations.
Citibank® Customer Initiated Payments
Citibank® Customer Initiated Payments can significantly reduce the administrative burden of a direct debit program by providing self-service tools to your customers. Consumers can enroll in your direct debit program and manage their bank account information through a website hosted on the Citibank Customer Initiated Payments system. The system also includes a Customer Service website you can use for reporting purposes and to handle paper enrollments. Click here for more information about Citibank Customer Initiated Payments.
Benefits of Citibank´s Direct Debit Services include:
- Lower administration costs
- More predictable cashflow and increased accounting efficiency
- Reduced Days Sales Outstanding
- Streamlined record keeping
- Improved control and security