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.
Download Standing Order Template [Word Format]
