Direct debit cancellations – new report from Rapidata
New figures from Rapidata suggest that the rate of direct debit cancellations could be stabilising. The company’s March 09 report had shown an alarming rise in cancellations since the start of the credit crunch in September 2007. Monthly cancellation rates had risen above 5% in July, September, October 2008 and January 2009, compared to a monthly average of 3 – 3.5% pre-recession.
This year, however, cancellation rates have been falling and while Scott Gray (MD of Rapidata) warns they are unlikely to return to pre-recession rates this year, he believes that “we might be beginning to see a plateauing of cancellations at around 4-4.5%”.