August 27, 2020
Recurring payments with standing orders
Updated on August 27, 2020
In April, we launched Payment Initiation in the UK, to make account funding faster and easier. We’re committed to continuing to enhance our payment products—today, we’re launching standing orders so your end users can make recurring, scheduled payments with one authorisation.
What are standing orders?
Standing orders are recurring payments set up by the end user. They don’t need to fill out a direct debit mandate, and can edit standing orders in their bank account. It’s a fast and efficient payment method. Standing orders are great for repeating payments including subscriptions, like gym memberships or streaming platforms, rent payments, utilities, and more.
Some of the benefits include:
Less possibility of account errors and fees incurred from non-sufficient funds
Allowing users to pay for purchases over time with credit installments
Enabling fixed amounts to be automatically transferred into savings accounts
Setting up standing orders in Payment Initiation is easy. If you’re new to Plaid, please contact our Sales team to get access today. If you’re an existing customer, please reach out to your Growth Account Manager and check out our docs here.