Faster Payments is a service which allows companies to make money transfers from one bank account
to another within seconds. For employers looking to optimise their payroll process, faster payments can
be an extremely valuable tool. This is because it allows for near-instant payments in the event of issues
and the ability to resolve employee complaints or payroll errors with ease.
One benefit of faster payments over BACS payments is that you can be confident in knowing exactly
when your money has been sent and received which means there’s no ambiguity around payment
timescales. Faster Payments also allows you to transfer money from a business account directly into an
individual’s bank account, without having to use legacy payment processing systems like BACS or
With faster payments, your HR or payroll team will also have more time to process payroll and make
any last minute adjustments to pay. You can also avoid hefty recall or late change fees often incurred
by older payment methods like CHAPS.
Faster Payments will one day replace BACS entirely. There are different systems and procedures for
processing Faster Payments and PayCaptain has this infrastructure built into the payroll system.
At PayCaptain, we've utilised the latest technology like Faster Payments to make payroll an absolute
breeze for both employees AND employers. For more information, arrange a demo with our expert
We'd love to talk about how PayCaptain can add value to your company and your employees - Click the button below to arrange a demo and see PayCaptain in action!