To use your Tide Business Account to set up and pay by Direct Debit, you first need to speak to the payee and fill in a Direct Debit Mandate.
This will allow them to automatically collect a payment when it’s due. They’ll send the filled form to ClearBank and start collecting the payment on the agreed date – when the Direct Debit is set up.
Nature of your business
The size of your business
The number and frequency of transactions you undertake with your Tide account
If you need to provide the address of your banking provider to the payee, tap: ‘Send’ > ‘Recurring payments’ > ‘Direct Debits’ in the app, and you’ll see it on the screen.
It can take up to 5 business days for a Direct Debit to be scheduled.
Fetish products
Content: Books, magazines, audio, videos, websites, streaming services and other content formats deemed offensive or of a sexual nature
Escort services and other services in the adult industry
Financial service or money service business.
E-wallet or e-money that can be monetised, re-sold or converted to physical and digital goods and services or otherwise exit the virtual world
Credit repair and credit protection business
Buy now pay later / Instalment payment methods
Bearer share entities and binary options
Independent or unlicensed financial advisors
Insurance sales and services (life)
Money transfer & remittance businesses
Payroll, invoice & business services
Provider or seller prepaid access/stored value
Marketing related services
Airlines and Cruise Lines
Cloud storage, VPN, file sharing, (high-risk) cyber lockers
Animals and wildlife products classified as endangered or protected
Bail bonds and bankruptcy lawyers
Bidding fee and penny auctions
Certain social media business (e.g. click farms)
Casual dating services
Direct Marketing – Inbound teleservices, outbound telemarketing and travel-related arrangement services, Insurance services, catalog merchants, door-to-door sales, Multi-level marketing
Governmental services, such as embassies or consulates
Hazardous materials (B2B and B2C)
Intravenous therapy or Medical benefit packages
Key-entry telecom merchant
Live-streaming Services with in-app currency and donations
Mail order spouse or international match-making services
Pawn shops
Political, religious or Social Campaigning
Drugs, and tools specifically intended for the production of drugs, drug paraphernalia, illegal drugs, substances designed to mimic illegal drugs and / or other psychoactive products
Gambling services
Products or services specifically offered or intended to be used to create, produce or grow drugs or drug ingredients
Pharmaceuticals, prescription medicine and medical devices (including animal pharmaceuticals)
Tobacco, smoking supplies, e-cigarettes, e-liquids, vaping liquid, vaping accessories
Trade of fireworks, flammable or radioactive materials
Trade of weapons, ammunition, military arms, explosive devices and firearm parts
Cryptocurrency exchange
High-risk securities
Security brokers /investments of any kind including the purchase of Third-party Payment Processing such as aggregators, digital wallets, Payment Fac, Payment service companies.
Decryption and descrambler products and services, devices designed to block, jam or interfere with cellular and personal communications
All Direct Debit Mandates are verified and submitted by the payee.
If you’ve filled in a Direct Debit Mandate and it hasn’t been set up, please reach out to the payee for further assistance.
When are Direct Debits collected?
Direct Debit payments are usually collected from 3am on the due date - on weekdays, excluding bank holidays. If the due date falls on a weekend or a bank holiday, the payment will be collected on the next business day.
You need to make sure that you have enough money in your Tide Business Account the day before your Direct Debit is due.
Before the first payment, the payee should send you a Direct Debit Advance Notice, to confirm the amount and collection date. After that, you’ll receive a further notification only if there have been changes to the amount, due date or payment frequency.
Can I receive inbound Direct Debit payments?
We don’t offer this option directly at the moment, but you can receive Direct Debit payments in your Tide account if you set this up through a third-party provider in the UK.
