Standing Order Set Up

Jonny303

Hi,

Looking for some advise regarding standing orders. I am in the middle of setting up a system where by my customers pay me by standing order. It is an offer than will be going out by post. A few questions regarding setting it up.

1. Can I, with the customers permission set up the standing order. Ie (I send out a form for details, they return it, can I then use these details to set it up)

or

Do I send my details to the customer and ask them to set it up, providing my bank details to them


2. I want everything to come in around the same day, is a day like the 5th of every month a good benchmark that most consumers would be happy with?

Thanks for any help

DubTony

Standing orders are set up by the payer. You can provide them with the your account details, but they set it up themselves. Dates of payment depend on the customer as they make all the decisions and instruct the bank, so you'd need to agree this with them prior to setting it up.

Jonny303

Is there any other way you suggest then of doing this? I want to make it as hassle free as possible for the customer?

Jonny303

Sorry, have overlooked something here. Would it make sense to say I'm looking at setting up a fixed amount direct debit?

Random

ive seen it done before like this:

you do up a template with your account info etc along with the standing order terms. ask the customer to fill out their details, sign it and return it to you.

then you send the form off to their bank.

amen

Why not use Direct Debit? They sign your Direct Debit form you submit to the bank.

You generate a payment file of customer you want to debit and send it to the bank every month 2-3 days before the debit is due and the money is your account.

Much easier than using a Standing Order.

mac10guns

A Direct debit is guaranteed by the bank and is therefore not open to everyone and anyone. You have to apply to your bank as they have to agree to allow you to use this method. Normally they require a large number of transactions to warrant this.

amen

Normally they require a large number of transactions to warrant this

I had it for <50 transactions a month