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What is the best way to take regular payments?

A table summarising the differences between credit card (CPA), cash, cheque or Bacs transfer and Direct Debit.

There are a number of different ways to take regular payments. You could use standing orders, regular payments by credit card (known as a ‘continuous payment authority’), cash, cheque or Bacs payment. Or you could use Direct Debit.

While we obviously think Direct Debit is the simplest and most efficient option, which is best for you will depend on your business. To help you decide which is the right option for you, we’ve summarised each in this short table.

Cash/cheque/Bacs CPA Standing Order Direct Debit
What is it? One-off payments by cheque or bank transfer. A pre-authorisation from customers to take any future payments from their credit card. A fixed, regular bank transfer set up and managed by the customer. A pre-authorisation from customers to take any future payments direct from their bank account.
Transaction fees ~£1.50 + 1 hour to pay in 3% + 20p Free Varies (see our pricing)
Failure rates Variable ~5% Variable < 1%
Flexibility Low High Low High
Late payment risk High Mid Mid None
Admin required High Mid High Low
Best for Elderly customers and one-off, high value payments Consumer subscriptions, low value payments Strictly fixed payments to small businesses All consumer subscriptions, regular bills & regular B2B invoicing.

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GoCardless Ltd., Sutton Yard, 65 Goswell Road, London, EC1V 7EN, United Kingdom

GoCardless (company registration number 07495895) is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017, registration number 597190, for the provision of payment services. GoCardless SAS (23-25 Avenue Mac-Mahon, Paris, 75017, France), an affiliate of GoCardless Ltd (company registration number 834 422 180, R.C.S. PARIS), is authorised by the ACPR (French Prudential Supervision and Resolution Authority), Bank Code (CIB) 17118, for the provision of payment services.