There has been mention on this forum about being paid by standing order.
It makes sense as you know how much money you will (most likely) receive each month. I have decided this is one way to go if clients will agree (they will receive a discount for paying by this method).
Now comes the dumb question bit. I've filled in many standing orders myself and posted them back to whoever, but what do they do with them when they receive them. I have copied a s/o mandate from another company and substituted my own details. When the client fills this in do I post it to my bank or their bank? I would assume my own bank then they present it to my client's bank.
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Never buy black socks from a normal shop. They shaft you every time.
When your client fills in their details onto your SO mandate, they should then post it to their Bankers with a cover letter stating the Company ie you, your account no. and sort code and the monthly amount commencing from ?? whatever date you have agreed upon then monthly on the (date) thereafter.
All my clients pay by Standing Order and it is great because I don't have to chase every month. Although beware they can cancel a Standing order whenever they want if they have it set up on their online banking so do check every month that it has come through. I have had this happen! All my clients set up their own standing orders via online banking so you don't need forms unless they are not online of course.
Mel.
-- Edited by meldowie on Tuesday 18th of January 2011 06:58:13 PM
I use standing orders for several clients. I have a form that I use and help them fill out while they're in the office and then I post it off to their bank. That way I know it's been done!
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Jenny
Responses are my opinion based on the information provided. All information should be thoroughly checked before being relied on.
