standing-order

Vocabulary Word

Definition

'Standing order' is a regular, automatic payment that you set up with your bank. It’s used for fixed amounts, like a monthly mobile bill, gym membership, or rent. You control the amount and regularity.

Examples in Different Contexts

In charitable donations, a standing order allows individuals to regularly donate a specified amount to a charity. A philanthropy coordinator might state, 'By establishing a standing order, you can provide continuous support to our cause, helping us plan our activities with more certainty.'

Practice Scenarios

Business

Scenario:

Our supply vendor has recently adjusted their payment format. This modification now allows the inclusion of automated payments to them.

Response:

Setting a standing order for automatic payments would definitely streamline our transactions with them.

Accounting

Scenario:

Our bookkeeping needs to be more systematic to manage the scheduled company payments efficiently.

Response:

You're right. We can arrange a standing order for recurring payments that will assist in better bookkeeping and prevent any lapses.