Good news for consumers who pay their energy bills by Direct Debits is just round the corner, with energy firms pledging to refund future overpayments.
New rules due to be implemented shortly will see the ‘big six’ energy firms (British Gas, EDF Energy, E.ON UK, npower, Scottish Power and SSE) repay Direct Debits overpayments that, in the past, they were able to hold on to for quite some time.
Following on from last month’s blog article where we announced our new partnership with SWIFT and gave you a quick overview. We thought it might be useful to go into a little more detail about the history of SWIFT, how their messaging works, and where The AccessPay SWIFT Payments Module fits into all this…
Are you ready for SEPA?
2014 is almost upon as, and the SEPA migration date of 14 February isn’t far away.
For a timely reminder of what SEPA is and what it has to offer, here’s a general overview (we’ve also included a link to more technical SEPA questions at the bottom of this article):
The days when only large companies and corporations had an international presence are gone. Today, businesses of all sizes can expand into new and growing markets around the world.
We’ve spoken to a lot of small and medium businesses who have taken the plunge and gone global over the last few years, and have identified 5 of the best recommendations for any business wanting to get their international expansion plans underway:
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!
Bacs, CHAPS & Faster Payments…
Bacs, CHAPS and Faster Payments now cover most forms of business payments. Here’s a brief summary for each one:
Bacs payments take a minimum of 3 banking days to process, and cost just a few pence to make. All of the UK’s Direct Debits are made through Bacs.
CHAPS payments are faster than Bacs, reaching the recipient’s bank account the same working day. However, the cost is significantly higher (usually between £25- £30), which is why the system is most commonly used by businesses in transactions involving large sums of money.
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.
The AccessPay Faster Payments module
AccessPay’s UK Faster Payments module lets you make and complete all the urgent business payments mentioned above (and lots more) without having to wait several days. The key competitive advantages of our module are:
- Instant Access – We give you secure, instant access to a VocaLink “Secure IP” network that will transfer your money almost instantaneously.
- Ease of use – Making a payment is simple. You can log in from anywhere in the world to our centralised dashboard, and simply select the Faster Payments module.
- Speed – Once the receiving bank has obtained your payment, you will be notified by email and the funds will be credited. Typically, within two hours your recipient will be able to access the transferred funds.
- Security – The module runs on an extremely secure-IP infrastructure similar to the Bacstel-IP (VocaLink) used by the majority of banks.
If you think your business will be able to benefit from quick, easy and affordable Faster Payments, The AccessPay Faster Payments module could be just what you’re looking for.
Feel free to get in touch if you want to find out more.