Payment

This article discusses the two forms of payment you are likely to encounter when requested to pay for your energy – direct debit and cash cheque. It is worth noting the difference between the two processes and the additional costs incurred should you choose a cash cheque which increasingly less acceptable to suppliers and in some cases simply not an option.

Definitions

Direct Debit is the process of electronic payment from one bank account to another – this involves an agreement that the energy supplier has the authority to remove the appropriate billed amount from the client account. This transaction is different to a standing order because Direct Debit allows payments of different values. On the other hand, Cash Cheque is a term that is applied to the means of payment by which money is transfered to another bank account via cheque, cash or manual electronic payment – the onus is upon the client to pay the energy company as the energy company does not have the authority to automatically remove the appropriate credit.

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Smart Metering is in the news today and the BBC have produced an overview of how a smart meter works in addition to their discussion on how much you can save with a smart meter. Whilst these refer to the domestic market, there is significant relevance for the business market also.

It’s a familiar story; if you can’t measure it or see it, it can be hard to do anything about it. It seems unlikely that energy prices will reduce over time, and this combined with the focus on Carbon Reduction Commitment for all, should make this a very real issue for most businesses.

Empirical research suggests that simply monitoring consumption, improves awareness and typically consumption will fall. Thus at the most basic level smart metering will help. What Smart metering will do above and beyond the basics for business is provide, up to date accurate information about their consumption.
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