Currently receive payments via Standing Order? Read on to find out why Direct Debit is a more flexible option.
A Standing Order is an instruction from a customer to their bank to pay a fixed amount to you on a regular basis. Any changes to the amount, frequency or date of collection must be arranged by your customer with their bank.
With Direct Debit, the ball is in your court. You inform your customers you want to make changes to their payment collection and then adapt the Direct Debit to suit your business needs.
And you’ll know within 24 hours if a Direct Debit bounces or is cancelled, allowing you to resolve the issue efficiently. With a Standing Order, you’ll only discover it’s been cancelled when the payment doesn’t come through, a process that could take a month or longer depending on the payment frequency.