The full form of DDR in banking is Direct Debit Request.
A Direct Debit Request (DDR) is your authorisation to debit your customer's account. An eDDR is the electronic version of the DDR. An eDDR enables you to sign customers up on the go via a tablet, smartphone or website.
Here's a breakdown:
- A Direct Debit Request (DDR) is essential because it gives a business permission to automatically withdraw funds from a customer's bank account.
- The electronic version of DDR is eDDR, which facilitates online and mobile sign-ups, enhancing convenience for customers.
- eDDRs are particularly useful for businesses aiming to streamline their payment processes and offer flexible payment options.
