There are a number of different ways in which you can pay your NSG invoice(s), depending on our agreed payment plan.
You can make payment of your invoices by Standing Order. The amount you pay is based on your invoice cost (together with any outstanding balance and interest) and is a fixed amount every month. This will be reviewed regularly.
What is a Standing Order?
A Standing Order mandate is a form with your own and your payee’s bank details, as well as the amount, date of payments, and occurrence. Once you fill in the mandate, you can send it to your bank to set up the Standing Order on your behalf.
Regular payments of the same amount will be paid on a specified date. It allows your bank to take money regularly from your account to pay another account.
How long does a Standing Order take to clear?
Standing Orders are usually processed on the same day they are set up with your bank. However, you must allow between three to five working days for it to clear. Once the money has cleared, we will update your records.
If your payment is due to go out on a bank holiday or weekend, the money will leave your account on the next working day.
What happens if a Standing Order is not paid?
If you don’t have enough money in your business account to pay a Standing Order, it may be refused by your bank. When this happens, your Standing Order stops until the next scheduled payment. Your bank may charge you a fee typically £5 up to £25. Even if your bank does make the payment you might go into arrears (or into the red) without noticing – which means you’ll have to pay overdraft charges and additional fees.
Some banks will have a ‘retry process’, where they will attempt to send your standing order again. Usually, this happens the same day as the Standing Order was due to go out.
The Nü Savings Group ('NSG') allows you or your business et al to make payment for your NSG invoice(s) via Cheque. The set amounts will depend on the contract term, the terms and conditions, and terms of supply (where applicable).
A cheque is a written order (i.e. either on paper or electronically printed by a bank) from an account holder, instructing their bank to pay a specified sum of money to our company. Cheques are not legal tender but are legal documents and their use is governed by the Bills of Exchange Act 1882 and the Cheques Acts of 1957 and 1992.
What is the Cheque Clearing Cycle and how long does the process take?
Since 2018, most UK banks now use cheque imaging, which allows cheques to clear faster – by 23:59 the next weekday (except bank holidays) and in many cases, earlier (as long as the cheque hasn’t bounced). This means that when you write a cheque, the money could leave your bank account faster, so as ever, it’s important you make sure you have enough funds available in your account to cover any cheques when you write them.
Disclaimer: a manually written cheque can take up to four days to reach our business bank account.
Why do cheques bounce?
The typical reason for a bank to bounce a cheque is because you do not have enough money in your business bank account to pay the cheque or you have used all of your overdraft facility. In addition, when a bank spots a fraudulent cheque it will bounce it. But banks also bounce cheques because the cheques have not been signed correctly (e.g. one signature when two are required) or perhaps not signed at all; because they are more than six months old or post-dated; or corrections have not been signed or initialed; or because the amount in words differs from the amount in writing.
What is the bounced payment retry process?
The retry process was introduced in June 2014, to provide a safety net that could help clients manage their payments and avoid fees caused by bounced payments. Banks don't have to do this, though, so it's a good idea to keep an eye on your bank account using banking apps or online banking. The bank will then give you until 2 pm to pay in funds, before reattempting a payment. You can pay in money via online banking or in a branch, but make sure you pay in cash so the money arrives in your account in time.
How much will I be charged if my cheque bounces?
Depending on your bank, you can be charged a fee from £5 up to £35.