Don't you have to be registered to accept DD? There is a criteria of 250/clients/members and/or a turnover above £1m - last time I checked anyway.
SO can be easily created on a blank paper without your logo etc since the SO is the client's instruction and should not bear a service provider's logo. Just good practice not to.
SO can be easily created on a blank paper without your logo etc since the SO is the client's instruction and should not bear a service provider's logo. Just good practice not to.
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D
DavidT
- Original Poster
- #12
I have templates available. Anyone ever wanting one please just PM me your email and I'll gladly forward them on.
Cheers
David Toohey
The Accountants Circle
Accountant & Bookkeeper Forums | Find Me an Accountant
Cheers
David Toohey
The Accountants Circle
Accountant & Bookkeeper Forums | Find Me an Accountant
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Standing Order doesnt require a "template", they simply need your bank account number and sort code plus a short describer (not required but will help you work out who's paid).
As such you can make it look what ever you want, personally set up my SOs on the internet so the forms go in the bin
As such you can make it look what ever you want, personally set up my SOs on the internet so the forms go in the bin
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Standing Orders - these are set up by your customer's bank. The forms are available free from your own bank or the customers can get them free from their bank. You can also just fill in the details on a sheet as long as you include all the details. You are best filling them in with your customer and sending them to their bank so you can control the process. In this case the money leaves their bank account and travels to your bank account. These are for a fixed amount.
Direct Debits - you need to be set up as a Direct Debit originator with your own bank who will need to 'accept you' for this purpose. The Bank takes a 'Risk' view of your business as your account is credited before it is known that the customer has the funds available to meet the direct debit on their account. These are for variable amounts and this also backs up the need for the bank to assess the originator.
Hope this helps the debate.
Direct Debits - you need to be set up as a Direct Debit originator with your own bank who will need to 'accept you' for this purpose. The Bank takes a 'Risk' view of your business as your account is credited before it is known that the customer has the funds available to meet the direct debit on their account. These are for variable amounts and this also backs up the need for the bank to assess the originator.
Hope this helps the debate.
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You do not need to be set up with your own bank. There are several third party providers who will set up and administer the direct debit service for you, making a charge usually based on transaction numbers. This may well be a more practical option for SMEs than having direct authorisation
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