Ezidebit advises financial planners to act now as FoFA legislation nears

Leading direct debit provider Ezidebit is urging Australia's financial planners to act now in preparation for mandatory compliance to the Future of Financial Advice (FoFA) reforms.

Mandatory from 1st July 2013 next year, the FOFA reforms the Federal Government's response to the Parliamentary Joint Committee on Corporations and Financial Services' inquiry into the collapse of Storm Financial and Opes Prime - focus on improving the quality of financial advice, particularly product recommendations, and expanding the availability of more affordable forms of advice.

Ezidebit Chief Executive Officer Holland said while the reforms commenced on 1st July this year, they become mandatory from 1st July, and planners needed to act now to meet deadlines and ensure their own businesses, as well as their clients', are 'FoFA Fit'.

Holland explained "there is only eight months remaining until mandatory compliance for Financial Planners, this is not a long time for planners to ensure their administrative and IT systems are able to deliver what is needed in the new system.

"One of the key priorities in preparing for these compulsory legislation changes is implementing a pay-as-you-go payment system which delivers a regular, consistent cashflow - the new landscape heralds the end to lumpsum payments.

"These changes are crucial for both the financial planners themselves, and their clients. It is important that the planners act now to ensure their business operations and IT systems are capable, ready and activated before 1st July, we cannot reiterate this message strongly enough."

Ezidebit processes in excess of two million transactions per month, for more than 10,000 clients. It is the company's investment to introduce integrated customer management software options and new service standards for clients, that place it at the forefront of the direct debit industry and in the best position to assist financial planners.

Holland adds "our business is to increase the cashflow lifeblood of businesses through unique direct debit functionality and payment solutions.

"Financial Planners are now entering the pay-as-you-go business model, and this can be difficult. However, our integrated software and business management system means it can be seamless, efficient and easy for them."

It's the myriad small businesses and their equally numerous operational models that prompted Ezidebit to integrate and increase its customer management software options.

Holland concludes "we are committed to the expansion of our integrated partner network as we grow in excess of 22 software partners with solutions across a diverse range of industry sectors. This increases client efficiencies exponentially. Removing roadblocks for our clients is a priority, and the integrated system respects the business operations of individual clients - making cashflow more efficient."

Established in 1998, Queensland-headquartered Ezidebit offered the first specialised automated direct debit and credit card transactions service in Australia. A team of over 75 people deliver the Ezidebit direct debit functionality, service and development operations to businesses across multiple industries, including property management, tourism and finance. Privately managed by a board of directors, the company is one of the only Australian outsourced payment providers with an Australian Financial Services License.

Ezidebit's range of custom payment solutions for improving cashflow include automatic direct debit payments, BPAY, phone and online billing options and integration with major computer management software packages.

Click here to contact Ezidebit via their entry in the Australasian Leisure Management Supplier Directory.

13th January 2010 - EZIDEBIT AND SPORTLOGIC ANNOUNCE INTENNIS SOFTWARE