#4
Faster payments

Improve cash flow with Faster Payments

Employee salaries and wages are – for most businesses – your biggest outgoing. Depending on headcount, you’re spending hundreds of thousands, or millions each and every month.

To improve cashflow, wouldn’t it be great if you could keep all that money in your bank account for longer?

Currently, many businesses are struggling to pay their suppliers on time. If your customers are making late payments, you’ll likely need to keep hold of your cash until the last second.

What are Faster Payments?

What’s more, with Faster Payments you can do things a little closer to pay day. Which is pretty handy, especially if you run a weekly payroll or occasionally need to do things out of hours.

If you think Faster Payments are expensive – they’re not. In fact, when you look at Faster Payments, costs against what your bank is really charging you for Bacs payments, the prices are comparable.

Introducing Faster Payments. When using traditional payment methods like Bacs and Chaps, your payroll data needs to be processed, approved and transferred to the bank with some time to spare. This is to allow the money to ‘clear’ meaning your money is sat with the bank, when it could be in your account for a couple of extra days, earning you interest!

2-3 days longer to keep hold of all the money you spend on employee salaries. It’s good for cash flow, which is good for business.

Depending on your arrangement with your bank, if you don’t have the funds in your account at the point a payment is taken, this can incur charges.

With Faster Payments, you’ve got more time to make sure the cash is in the bank, reducing the risk of charges.