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.
Faster Payments VS BACS or CHAPS
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 CHAPS.
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.
How to offer faster payments to your employees
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