Payment Options 

 

Standing Order

 

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 Standing Order. The set amount will depend on the contract term, the terms and conditions, and terms of supply (where applicable).   

 

A standing order is different from a Direct Debit as it can be used to pay either a company or friend/family member. 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 of £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.