What is standing order in business

Standing order is the instruction given by the bank customer's to their bank.

The customer's simply instructs the bank to pay a fixed amount of money to payee account every month.When for example the customer instructs the bank to pay $600 every month to payee account,the bank will do so,so long as the customer account has more than $600 every month or until later on when the customer instructs again the bank to stop the transaction's.

Standing order are used to pay bills services which are constant.Business's usually use standing order services to pay business bills such rents since business rent are usually constant.So the bank simply transfer the the cash every month from the business account to account holder who manages business rent.

Standing order services has advantages to the business since business will have ample time to do other business activities once the business has already set standing order with the bank.

Bank's usually charges fees for transferring cash from one account to another.

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