A2 Methods of payment - direct debit and standing order Flashcards
1
Q
what is direct debit ?
A
direct debit is a payment method that allows 1 organisation to withdraw funds from another’s bank account.
2
Q
what is standing order ?
A
a standing order is a regular payment of the same amount that’s paid on a specified date.
3
Q
what are features of a direct debit ?
A
- it is a secure and cashless payment method.
- automated payment collection.
- cost - effective.
- easy for automation.
- used for recurring payments.
4
Q
what are the features of a standing order ?
A
- automate regular payments .
- reduces the effort and time spent on manual payments.
- reliable.
- has control.
5
Q
A