Standing orders: What is it and what are the benefits for businesses?

A smart way to save valuable time, as well as to avoid significant delays
Time is precious for all business owners and professionals, especially considering the obligations that modern day-to-day life entails. That's why valuable tools are now available for your recurring payments, saving you time and ensuring that your obligations are met consistently and promptly. 

The benefits of standing orders

Standing orders are one such tool, which aims not only to free up time for you to devote to more productive activities, but also to help you avoid late payment of your obligations. 
According to recent data from Interbank Systems S.A. (DIAS SA), in 2021 there was a 16.5% increase in standing orders compared to the previous year, with the largest percentage of these concerning energy and betting companies. 

The benefits of standing orders are significant:   


  • You can automate as many payments as you wish, and free up time in your day and space in your lists of obligations to remember.
  • You can pause/revoke or modify the order, whenever you wish.
  • Make timely payments: With standing orders, you avoid the risk of neglecting your obligations, since payments are made on time and automatically, at a specific time set by you. As a result, you avoid being charged with extra interest or facing other consequences. 

Standing orders: What is it and what are the benefits for businesses

Here’s how it works

It’ s a simple procedure. The bank receives the relevant order from you and automatically goes ahead with a series of regular transactions on your behalf, in line with the parameters you set.

If the order concerns the payment of bills, it’s executed on their due date, while if it concerns the transfer of money to a third party's account (for example, to a supplier or partner), then you set the execution date. 

NBG offers you the option of setting a maximum charge amount per order

In the same context, a wide range of processes and services have been automated, which you can discover and benefit from.