Direct Debit is the simplest and most convenient way for you to pay regular bills.​​​ It is an instruction you give to your bank or building society, authorizing Mileway to collect payments from your account – but only if you’ve been given advance notice of the amounts and dates of collection. Once agreed upon, the money is deducted automatically.

Benefits of Direct Debits

Less administration for you:

Once set up, Direct Debit automates the entire payment process. Payments are taken automatically when due and can be easily tracked each month. This can significantly reduce the time needed to manage payments – making monthly/quarterly payment runs easier for you with no need for manual bank transfers. This will mean you will receive less correspondence from your Property Manager on behalf of Mileway chasing the payment, both via reminder letters and telephone.

Improved cash flow and increased control:

Switching to Direct Debit guarantees the timing of your outgoing payments. Predictable payments not only improve cash flow but also enable you to better plan business resources. With fixed recurring payment due dates, you maintain control over cash flow when payments are made on the same day each month or quarter.

Avoids penalty interest and administration fees:

Changing your payment method to Direct Debit ensures you are never late for payment and so no costs will be incurred. Once authorised, Direct Debit payments are collected when the invoice is due and will be made on time every time.

Environmentally friendly:

Using paperless Direct Debits also help save printing or postage, meaning it is more environmentally friendly.

Reduction in payment errors:

Credit/debit card payments can fail each month due to card expiry or cancellation. Direct Debit payments use your bank details, which rarely expire or change, resulting in significantly fewer failures. This reliability is one of the key benefits of Direct Debit.

Setting up a Direct Debit is quick and easy

You can set up Direct Debits instantly and for free no matter the size of your business. Payments for due invoices are automatically processed, and the need for anything to be done is removed from you. Direct Debit is a safe and secure method for collecting automated payments. By using this trusted form of payment, fraud is highly unlikely.

Do you have any questions about Direct Debit payments? Please contact either your Property Manager or your Mileway Asset Manager.