• With Standing Orders, the customer is in control. They can cancel or change a Standing Order without informing you: you’ll only discover what they’ve done when the payment doesn’t show up.
• With Direct Debit, the ball is in your court. You adapt the payment to suit your business needs, putting you in complete control.
• Direct Debits can be processed by a bureau for as little as 3p per transaction. FastPay will invoice all these as a total amount rather than deducting our fees from individual collections, reducing reconciliation work.
• Your Direct Debit bureau takes all the admin hassle away. They process payments on your behalf, alert you to any issues and leave your team free to focus on other work.
• Standing Orders usually don’t cost your business anything to accept but you’ll pay the price in increased staff hours and customer satisfaction levels.
• With Standing Order's, it's all time-consuming reconciliation, chasing non-payments, sending reminders and manual checking of bank statements is required. Your accounts department is tied up with the minutiae of customer payments.
Both Standing Orders and Direct Debits achieve the same result:
Cash is transferred automatically from your customer’s bank account to yours on a set date.