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A standing order refers to the automated method used to make payments where the person or the business instructs the bank to pay a fixed amount to another person or business at a fixed interval. The payer regulates the order and they set it themselves or they can even choose the amount and frequency to pay. There is no national policy to dictate the expiration date of the order but a standing order should be renewed in a year to avoid expiration. In some conditions, it may require the person or the business to renew the order in every three months.
Standing order vs direct debit – They both includes instructions to make payments from the bank account but direct debits shows the order when you authorize somebody to take payments from your account.
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