Like Tree2Likes
  • 2 Post By MandM!

Direct debit, Autopay, etc.

Closed Thread
  1. #1

    Join Date
    Jul 2009
    Location
    Tai Kok Tsui
    Posts
    33

    Direct debit, Autopay, etc.

    Hi Everyone

    I'm teaching classes and am looking to change my payment method in the fall:

    Right now, I charge per class and students can buy blocks of classes.

    I am looking to change the way I do this and I am looking to change to monthly payment contracts.

    What I need to know is how to set up automatic monthly payments. The kind of payment that is automatically deducted from one's bank account on a monthly basis.

    In Canada, it's called "Direct debit", in the US it's "Automatic funds transfer"... I don't know if autopay is the equivalent here and I know my software can do it off credit cards but not everyone is comfortable with that.

    Would it be autopay here and, how easy/hard is it to set up?

    Thanks in advance


  2. #2

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    6,317

    The person sending the money can set up an autopay instruction with their bank but I highly doubt people would do this. They can easily use FPS/mobile/ATM to transfer money to your phone number which goes into your bank.

    jrkob and traineeinvestor like this.

  3. #3

    Join Date
    Jul 2009
    Location
    Tai Kok Tsui
    Posts
    33

    understood.

    I heard rumors that when California fitness went under, people were still getting charged months after...

    Would that have been autopay as well ?


  4. #4

    Join Date
    Feb 2011
    Location
    Hong Kong
    Posts
    6,317

    Usually with gyms you have to pay up front. For the credit card instalment, the CC company paid the full amount to the gym and the balance instalment is between the person and the CC company. Has nothing to do with the gym.