• Expedite funds availability for your businessExpedite funds availability for your business

    Expedite funds availability for your business

    The strategic management of collections is crucial to your company’s success. UOB’s integrated receivables solution helps you streamline and expedite collections, saving you both time and money. Let us help you manage your end-to-end receivables cycle with greater speed and efficiency, so you can free up your resources and focus on your business.

UOB Direct Debit

What customers say about UOB Direct Debit

  • I can collect fees from any bank
  • I have more certainty over my collections as I can control the amount and date of collection
  • It’s convenient that I can collect payments in any amount and on different dates from regular buyers

About UOB Direct Debit

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How do I use Direct Debit?

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  • UOB Direct Debit is a timely and flexible collection arrangement that helps you take greater control of your billing cycle.
  • It debits your customers’ accounts with any participating banks in Singapore, so you can collect payments electronically
  • Debit instructions can be submitted via BIBPlus or Host-to-Host connectivity.
  • Upon receiving your instructions, the bank will debit your customers’ accounts on the date specified by you, and you will be credited on the next business day
  • Improve cash flow management with greater control over payment dates, payment amounts and billing cycles
  • Strengthen relationships with your customers by providing them with a paperless and cashless payment alternative
  • Save time and effort by reducing administrative and manual processes involved with cheque and cash collection
  • Enjoy peace of mind with prompt and secure collections
  • Enjoy ease of reconciliation of your accounts receivables with detailed reports on successful and rejected collections

How is UOB Direct Debit applicable to businesses?

Company I is a tuition centre that receives 100 cheques a month from its students. Handling cheques is manual and tedious process for its staff. With Direct Debit collections, the company has greater control over its receipts, and has substantially improved overall productivity of its staff.

Company J often has to manually track and chase for late payments from its tenants. The finance team spends time investigating and following up with tenants for payments. Ever since the company switched to Direct Debit collections, the finance team can reconcile the receivables in less time and with greater accuracy.

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