A Direct Debit is an instruction from you to your bank.
A Direct Debit authorises someone to collect payments from your account when they are due.
Once authorised, the organisation can automatically take payments from you (provided that they comply with the scheme rules).
How do I set up a direct debit?
How do I set up a Direct Debit?
- Click ‘Set up a Direct Debit’ which you can find under your current balance.
- Select the date and how often you would like to pay your Direct Debit.
- If you’re happy with your payment schedule, please enter your bank account details.
What is direct debit process?
A Direct Debit or direct withdrawal is a financial transaction in which one person (or company) withdraws funds from another person’s bank account. Direct debits are typically used for recurring payments, such as credit card and utility bills, where the payment amounts vary from one payment to another.
What is the difference between a standing order and a direct debit?
A standing order is an instruction your customer gives to their bank to pay you a fixed amount at regular intervals whether this is weekly, monthly, quarterly or yearly. With Direct Debit, your customer authorises you to collect money directly from their bank account whenever a payment is due.
How long does a Direct Debit take to clear?
Direct Debit timings. Unlike card transactions, Direct Debit is not an instant payment method. Payments take at least 3 working days to clear, and in most cases advance notice must be given to the payer before the payment process can be initiated.