The Bacs 3-day payment processing cycle just isn’t fast enough for a lot of businesses these days, with many now relying on Faster Payments to meet their needs.
When it was launched in 2008, Faster Payments was the first new payments service to be introduced in the UK for more than 20 years. Faster Payments is a speedy, secure and cost effective way of transferring money (up to £100,000) within hours rather than
days. It is available 24 hours a day, 7 days a week.
With all UK banks and building societies now sending and receiving Faster Payments, The Payments Council estimates that that in 2020 alone, over one billion Faster Payments will be made. Impressive progress for a scheme that was created only a few years
ago!
Faster Payments cost only slightly more than a Bacs payment, and are of course, much faster (we’re talking hours rather than days). Faster Payments allow the general public to make payments such as bills, standing orders and online transfers. Of course,
Faster Payments are also used extensively by UK businesses…
Faster Payments for your business
Here are few of the most popular business uses for Faster Payments:
- Payroll – Faster Payments can speed up and improve your payroll processing, and are especially useful for temporary staff who need to be paid weekly.
- Supplier payments – The speed and ease of Faster Payments – compared with putting a cheque in the post, for example – can play a huge part in building trusted supplier relationships.
- Expenses – Your employees can be reimbursed for expenses straight away; no more waiting until the end of the month for them.
- Disaster recovery – In the event of a network error, power outage or other emergency, Faster Payments can form part of your disaster recovery plans.
- Unexpected payments – Faster Payments are ideal for last minute and unexpected business-to-business payments.
Choosing a Faster Payments solution…
Faster Payments lets you make and complete urgent business payments without having to wait several days – fairly essential in today’s business climate! If you decide you need a solution to make Faster Payments, here are a few features that any good payment
provider should be able to offer:
- Instant Access – Look for a solution that offers secure, instant access to a VocaLink “Secure IP” network that can transfer your money almost instantaneously.
- Ease of use – Making a payment should be simple. In this day and age you should be able to log on from anywhere in the world!
- Speed – Once the receiving bank has obtained your payment, within two hours your recipient should be able to access the transferred funds.
- Security – Your chosen solution should be able to boast the same level of security used by the majority of banks.