Ok, so I'm not sure if I am confused over these payments, but I was to clarify if what I think is correct:
Standing orders - A payment a person can set up to a person or company or a fixed amount, weekly, annually or yearly and they have full control over it, so can cancel it when they want. The payment can go until a specific date until it auto cancels, a certain number of payments or at regular intervals until cancelled.
Direct Debit - Only a company can set these up, the company is authorised by the person/customer to collect funds from their account, the period and frequency for these payments is agreed, and the amount is not always fixed, but can only be changed upon contacting the customer.
If a customer cancels a direct debit within 2 working days of the next payment, that next payment will go out, but the rest are cancelled, however, if they fail to notify the company, the direct debit can be re-instated.
If a direct debit is recalled, the payment will show in the customers account after 9am the next day.
Direct Payment - A one off payment to a person or company.
I'm not sure on how long it takes until a direct debit payment debits your account and shows up on the statement you see online, and the same for standing orders and direct payments, the same for one that is being credited into someone's account.
I need some clarification, cheers.
Standing orders - A payment a person can set up to a person or company or a fixed amount, weekly, annually or yearly and they have full control over it, so can cancel it when they want. The payment can go until a specific date until it auto cancels, a certain number of payments or at regular intervals until cancelled.
Direct Debit - Only a company can set these up, the company is authorised by the person/customer to collect funds from their account, the period and frequency for these payments is agreed, and the amount is not always fixed, but can only be changed upon contacting the customer.
If a customer cancels a direct debit within 2 working days of the next payment, that next payment will go out, but the rest are cancelled, however, if they fail to notify the company, the direct debit can be re-instated.
If a direct debit is recalled, the payment will show in the customers account after 9am the next day.
Direct Payment - A one off payment to a person or company.
I'm not sure on how long it takes until a direct debit payment debits your account and shows up on the statement you see online, and the same for standing orders and direct payments, the same for one that is being credited into someone's account.
I need some clarification, cheers.
