Getting paid via Standing Order from your customers can be very effective if you intend collecting fixed amounts on say a weekly or monthly basis. A few pointers to bear in mind though:-
- A Standing Order is controlled by your customer and as such can be stopped at any time. If you are taking payments by this method make sure you keep a note of the expected debit date just to make sure funds arrive.
- Dont confuse a Standing Order with a Direct Debit Mandate they are very different things. Direct Debits are covered by the Direct Debit Guarantee.
- Your bank is responsible for sending funds via Standing Order whereas it’s the responsibility of the payee’s bank to call for the funds.
We’ve included below a link to a basic Standing Order Template in Microsoft Word format that can be easily edited and tailored to your business.
If you have any comments or suggestions on how to improve this template then why not share them via the Finance Toolbox on Scottish Business Forums. All of our templates are shared across our sites and are supported via the forums. SBF is Scotland’s ONLY dedicated online business forums!