Collecting subscriptions

Hi
We have a small choir of appr 30 members. Some members have asked to pay their subscriptions by Standing Order. We do not have computerised accounts or online banking, and suspect that administration of this could be quite onerous.

Has anybody any experience of putting in a standing order subs system, and how easy is it to manage and monitor?

Are there any major downsides?

Many thanks in advance.
Dick Price

Hi Dick,

 

Many groups often find that asking their members to pay by standing order is much more efficient. They don't have to remember to pay you, as they can set the payment up to be made automatically. You don't have to make trips to the bank, so it saves you some time and energy. And when you look at the bank transactions, every payment has a person's name next to it, which makes it easier for you to check who has paid (rather than having to check back through the stubs of your paying in book or through your own records for a breakdown).

 

You don't need to have online banking either - as long as you have your bank account details, the member should be able to set up a standing order from their own account into yours. Probably the only downside for your particular group is if you do not have access to online banking, as you will have to wait until you receive your statement each month to be able to see who has paid you. Setting up access to online banking could be an onerous process - your bank will require you to fill in several forms, or you might have to find a new bank that offers the service if yours does not - but once online banking is set up it is very easy to administrate, and you will be able to access an up-to-date bank statement online at any time.

 

Hope that is helpful, please do get in touch if you have any further questions.

 

Sharon Moloney

Member Engagement Manager, Making Music

We have about 60 people paying by monthly standing order. It's simple for members to set up from their own account if you give them the group's bank details. Recently I have had several of the people who used to pay annually by cheque asking if they can pay electronically instead. The answer is 'Certainly.' I just give them our bank details and look for their names on the next bank statement.
We do all this without electronic banking for the group. I check the bank statements monthly. The only drawback I can see for you is that you would need to enter monthly amounts, if it's monthly standing orders, for each person in whatever type of accounting records you keep.
Using an accounting system it takes me about half an hour but I don't have to type in each name, just the amount received.
I hope that's helpful.
Margaret Thompson
Treasurer
Sheffield Oratorio Chorus