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.

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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.

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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.
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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.
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5
Q
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