What is a standing order?
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.
Why use them?
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.
We need your consent to show Figma
We use Figma as a third-party software to be able to present UX designs to you. By clicking on "Approve" you agree to the data processing by Figma. You can find out more about the service via "More information". You can revoke your consent at any time via the button in the footer of the website.
Prototype: Try clicking through our design prototype to get a sense of the user-journey your customers would go through to set up a standing order.
Who are they for?
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.
What can Bud offer?
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:
- Account to pay from
- Start date
- Duration
- Regularity
- Amount
Want to know more?
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.
