Karen P
Hello,
Recently, we have had quite a few requests from customers regarding setting up a Standing Order. People are often confused between the terms Standing Order and Direct Debit.
What is Standing Order?
A standing order is an instruction given by an account holder to their bank to allow fixed rate transfers at regular intervals to another account.
How to set Standing Order?
It's easy to set up a standing order in Online Banking.
Only the account holder can setup a standing order to pay set amounts at regular intervals. To do so, you will need the following information.
Account Name:
Sort Code:
Account Number:
Reference:
How to set Standing Order in Lloyds TSB?
Login into online banking >> Standing orders >> click here to set up a new standing order >> Enter the details and the standing order will be setup.
Details required entering in the form while creating a Standing Order:
• Standing Order to: Enter the name of the receiver to whom you are making the payment.
• Sort Code: Enter the 6-digit sort code.
• Account number: Enter the 8-digit account number.
• Reference (if any): Enter such reference which would be useful for you in the future to remember and for your host to locate your account.
For Example: Company Name, Client Name, Client ID, Domain name, Invoice No.
• Regular amount: Enter the amount you want to pay at regular intervals.
• Date of first payment: Enter the Date on which the first payment should be made.
• Frequency: Enter the rate of recurrence in which you want the payment to be made. This will depend on what billing cycle you have chosen. For example: Monthly, Quarterly, Semi Annually, Annually.
• Expiry Date: Enter the date at which you no longer wish the payment to be made.
Benefits of a Standing Order:
1) Invoices are paid automatically.
2) You instruct your bank to pay the money at the date of your choosing.
3) Order can be canceled from account holder anytime.
4) The individual/company you are paying are not able to take payments from your account.
What is a Direct Debit?
A direct debit is also referred to as direct withdrawal in which the bank account holder instructs their bank to withdraw money directly from their bank account.
What is the advantage of a Direct Debit over a Standing Order?
For most clients there monthly invoice stays the same, but for some this could be a changing amount. A Direct Debit allows the receiver to adjust the rate of the payment. For example, if you ordered a control panel addon, the company could then adjust your direct debit to reflect the added cost.
eUKhost does not currently offer the ability to pay via Direct Debit. This is something we are looking into, but we have so far received very little interest in this from customers. This combined with the cost to have the Direct Debit service means that we have so far decided not to proceed with this.
We will continue to monitor customer interest as well as the costs involved. If customer demand is high enough, this is something we will go ahead with
Recently, we have had quite a few requests from customers regarding setting up a Standing Order. People are often confused between the terms Standing Order and Direct Debit.
What is Standing Order?
A standing order is an instruction given by an account holder to their bank to allow fixed rate transfers at regular intervals to another account.
How to set Standing Order?
It's easy to set up a standing order in Online Banking.
Only the account holder can setup a standing order to pay set amounts at regular intervals. To do so, you will need the following information.
Account Name:
Sort Code:
Account Number:
Reference:
How to set Standing Order in Lloyds TSB?
Login into online banking >> Standing orders >> click here to set up a new standing order >> Enter the details and the standing order will be setup.
Details required entering in the form while creating a Standing Order:
• Standing Order to: Enter the name of the receiver to whom you are making the payment.
• Sort Code: Enter the 6-digit sort code.
• Account number: Enter the 8-digit account number.
• Reference (if any): Enter such reference which would be useful for you in the future to remember and for your host to locate your account.
For Example: Company Name, Client Name, Client ID, Domain name, Invoice No.
• Regular amount: Enter the amount you want to pay at regular intervals.
• Date of first payment: Enter the Date on which the first payment should be made.
• Frequency: Enter the rate of recurrence in which you want the payment to be made. This will depend on what billing cycle you have chosen. For example: Monthly, Quarterly, Semi Annually, Annually.
• Expiry Date: Enter the date at which you no longer wish the payment to be made.
Benefits of a Standing Order:
1) Invoices are paid automatically.
2) You instruct your bank to pay the money at the date of your choosing.
3) Order can be canceled from account holder anytime.
4) The individual/company you are paying are not able to take payments from your account.
What is a Direct Debit?
A direct debit is also referred to as direct withdrawal in which the bank account holder instructs their bank to withdraw money directly from their bank account.
What is the advantage of a Direct Debit over a Standing Order?
For most clients there monthly invoice stays the same, but for some this could be a changing amount. A Direct Debit allows the receiver to adjust the rate of the payment. For example, if you ordered a control panel addon, the company could then adjust your direct debit to reflect the added cost.
eUKhost does not currently offer the ability to pay via Direct Debit. This is something we are looking into, but we have so far received very little interest in this from customers. This combined with the cost to have the Direct Debit service means that we have so far decided not to proceed with this.
We will continue to monitor customer interest as well as the costs involved. If customer demand is high enough, this is something we will go ahead with
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