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Direct debit setup and authorization can be confusing for both lenders and borrowers, especially when it involves mandates, bank approvals, repayment schedules, failed debits, and consent requirements. This article answers some of the most common questions about direct debit systems, explaining how authorization works, how mandates are created and managed, what causes debit failures, and the best practices lenders should follow to ensure compliant and reliable repayment collections.

When it comes to getting paid as a lender, having a dependable card payment solution is paramount. So, if you’re curious to find the right fit for your lending business, come along.

Explore the use of debit cards and direct debit as options for lenders and which is more effective for loan recovery