Standing Order

A standing order is used for recurring payments where the payer has control. Standing orders are setup for a fixed amount on a regular basis.

Checks - It's a good idea to check the bank details provided are genuine. This can be checked via an expired cheque or paying in slip.

Issues - Fraud by providing false bank account details and potential for unauthorised funds to be taken from the bank account.

Timing - Payment is usually processed within three working days.

Discrepancies - Employees need to be trained to follow the organisations procedures and only those authorised to setup standing orders should do so.