Recurring payments in numbers
We often get asked by customers: how popular is Direct Debit as a payment method?
Businesses need to take into account customer preferences when deciding on what payment methods to offer. Of course, preferences vary according to your customer base and product or service, but overall, Direct Debit remains a popular choice for regular payments, including monthly invoices, subscriptions, memberships and paying by instalment.
We know that the number of Direct Debit payments made in the UK is increasing, but it hasn't always been easy to see what proportion of regular payments made in the UK are made by Direct Debit.
This year, Payments UK broke down its UK Payment Markets 2017 research into 'spontaneous' (one-off payments, including retail and ecommerce) and 'regular' (recurring payments).
Direct Debit comes out as the UK's preferred method for making regular payments, accounting for 74% of all payments made by volume. The research also shows that regular payments made by credit and debit card dropped 16% in 2016. Take a look at the graphic below for some more interesting stats.