Planned payments are fixed regular payments to a particular person or organisation. When setting up a transfer from a Vivid Business account, you can choose the frequency, start date, and end date. This way, you can schedule standing orders and ensure they’re made on time, without the need to manually initiate each one.
The available frequency options are:
One-Time
Weekly
Every 2 Weeks
Monthly
Quarterly
Every 6 Months
Annually
How long does it take for a planned payment to be completed?
If you have set up a SEPA planned payment, we will process it as a SEPA Instant transfer, meaning the funds should arrive in the recipient’s account within minutes. If the recipient’s bank does not support it, we'll process the planned payment as a standard SEPA transfer and the funds will usually arrive in the recipient's account the next business day.
If you’ve set up a SWIFT planned payment, the processing time depends on the recipient’s bank and country, but usually takes no more than five business days.
Planned payments are processed at 9:00 CET on the start date you choose. If the start date is set for the same day, the order will be processed the next day at 9:00 CET. If you need to make the payment earlier, you will have to do a single SEPA Instant transfer for the first payment.
How are planned payments managed?
You can find the details of your planned payments and standing orders under "Payments" > "Planned payments” in both the mobile and web application. There you can also create new ones or edit existing ones.
Setting up and modifying planned payments is available only to Owners and Admins.Assistants cannot create new planned payments but do have permission to delete existing ones.