A standing order is an instruction from a user to their bank to make a recurring payment of a fixed amount to a given bank account. The end effect is similar to that of a direct debit but - crucially - with a standing order, the user remains in control of the payment and can cancel or amend it at any time via their bank’s online banking portal.
Standing orders present a number of benefits vs the alternatives. They are cheaper, faster and arguably, far more secure than card-on-file arrangements. They avoid the fees incurred by card rail providers, settle via the faster payments network and don’t involve a user having to provide their card number to anyone. On the other side, we have direct debits where again, standing orders present a number of advantages. Users stay in control of their finances, retaining the ability to amend and cancel standing orders and, from a UX perspective, they are far less disruptive, allowing users to stay within your apps and services throughout the setup.
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Standing orders can be used by anyone who needs to allow users (who will need to have gone through some basic KYC processes), to transfer a fixed amount of money on a recurring basis. The most common use-cases we see include regular top-ups for accounts and subscription fees but these are by no means the only ones. For more on use-cases, check out the post from our design team on how to integrate standing orders into your apps and services.
Standing orders in our platform are based on a single setup fee and allows clients more or less complete control over how these are deployed within the clients’ apps and services. We can work either as a tech services provider (if you want to use your own PISP licence), or as a Third Party Provider (which allows you to become an agent of Bud and use our licence) and clients can either pre-fill or give users control of any / all of the following:
Head over to our website to find out more about Bud’s payment capabilities or simply get in touch; we’d love to hear from you.