Standing orders offer consumers the option to pay their bills and other financial obligations, automatically and in due time. In order to set-up a standing order, businesses/ organizations (beneficiaries) provide their clients with a mandate reference in either paper or electronic form. In continuation, the client authorizes the beneficiary to debit their payment account, through a Direct Debit Mandate. The Direct Debit Mandate is collected by either the business/ organization or the Payment Service Provider, with which the payer holds a payment account.
Hence, payments and fund transfers are timely conducted. Consumers do not have to worry about their bills’ expiration date and payment deadlines.
Payments are conducted automatically, on closing date
Refund right and setting of a fixed threshold
Transactions are completed in accordance with the European SEPA Direct Debit scheme
Domestic and cross-boarder SEPA direct debits
Payments are conducted automatically, on closing date
Refund right and setting of a fixed threshold