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Direct Debits and Standing Order - Differences

Direct Debits & Standing Orders.. What's the difference? Direct Debit and standing orders have transformed the way consumers pay their bills. They ensure that bills are paid automatically and on time, so have made forgotten or late payments a thing of the past... Direct Debit Standing Orders With Direct Debits, you give an A standing order is an instruction to organisation authority to take funds from your bank account. Mobile your bank to make regular payments of a fixed amount, either phone bills, gas and electricity are to someone else ie. Landlord or a often paid by Direct Debit. child at university or to another account in your name ie. savings account. Direct Debit payments are fully protected by the Direct Debit Guarantee - any incorrect Standing orders offer no such payments will be quickly refunded. payment protection With Direct Debits, the organisation For a standing order, you will need can amend payment amounts or to give your bank details of the dates without having to obtain the customer's signature. account name, sort code and bank account of the person or business you want to pay - remember to double check all the details when Direct Debits do away with time spent writing cheques, stuffing you set one up - one wrong digit could mean the money ending up in envelopes and visiting the bank or post office to post bills. a stranger's account! You can amend or cancel the No more postage costs, and most importantly, the worrying prospect of late payment fees in also standing order as and when you choose. avoided. Bill payers can save money, with energy companies offering discounts for customers who use this popular payment method. AccessPay Payment and Cash Management

Direct Debits and Standing Order - Differences

shared by AccessPay on Apr 21
A comparative brief between Direct Debits and standing orders.


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