Q&A: Direct debit
Article Date: Mar 23 2007Q: How much does my company need to earn before I can receive payments by direct debit instead of standing order?
Answered by Phil Verity, Mazars
Your ability to do this shouldn't be restricted by the turnover of your business.
The best course of action is to contact your bank about setting up a new form of payment or look at a third party who can do this for you, such as Streamline. Although these third parties often charge for the service.
Phil Verity is a Partner at Mazars, the international accounting and business advisory firm, and Head of the Mid Corporate Market business line.
I tried to get this set up for a new outsourced accounting client of ours and I was told there was a lower limit that they had to be able to acheive each month before they could use direct debit. The limit was quite high and they had to look at other options as a result. This may have changed but that was only a few months ago. mark@duffyuk.com
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