Receiving payment by standing order generally costs nothing, and, once the order is up and running, the business can rest assured that payments will be collecting automatically and on time. Some small businesses collect regular payments from customers by standing order. In contrast, when you set up a Direct Debit, the person or organisation receiving payment asks permission from the payer to 'pull' funds from their account on a recurring basis. A standing order is essentially an instruction from the payer to their bank, telling their bank to 'push' funds to another person or organisation. every month for a year), or until they are cancelled.ДЄny person or company with a current account can set up a standing order, either online, over the phone or at in person at a branch of their bank.ДЄ standing order is different to a Direct Debit payment. Standing orders are created to cover a set period of time (e.g.

The payer controls the standing order they set it up themselves, and choose the amount and frequency.

What is a standing order?ДЄ standing order is an automated method of making payments, where a person or business instructs their bank to pay another person or business a fixed amount of money at regular (fixed) intervals. In this guide, weвЂ™ll explain exactly how standing orders work, present the advantages (and disadvantages), and look at the alternatives. Businesses who collect regular payments, including subscriptions and instalment payments, can do so via standing orders, though there are some drawbacks.

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