Natwest Bankline charges £2.50 per same-day Faster Payment. The next cheaper option is to schedule next-day payments which they charge £0.45 per line for. Same-day payments can be really useful but one has to be aware of the bank charges, and if it’s worth it?
Any business they would benefit from immediate payment times including some of the use-case below.
Weekly wages: If you are a company who pays weekly wages, you only have a short timeframe to collect and finalise timesheets until Thursday or Friday and pay out immediately.
Daily pay runs: If you run daily pay runs, and your customers (payees) rely on receiving payments immediately
Because it’s 2020: It feels more in-line with the modern fast moving world vs waiting a few days to have your payments sent.
You’d need to become a Bankline customer to access higher limits including the option to make multiple payments in one go.
Becoming a Bankline customer comes with a new set of bank charges for your business. You get charged on a per month basis. Bankline charges per line currently are:
When having to make 100's of payments per month this can become expensive quickly.
We have built Telleroo for larger SMEs and medium sized businesses, who are looking to make Faster Payments on a regular basis. Our web based system allows finance teams to make 100's of Faster Payments without being tied to any cut-off times. All our payments are same-day and go out immediately.
You could save £1,000 per month by using the Faster Payments option from Telleroo as opposed to Natwest Bankline.
Telleroo is for finance teams making a high volume of payments and makes the process easier and faster when compared to Corporate Banking systems. You can continue using your bank for any day to day, and just use Telleroo for high volume outgoing payments.
Telleroo is designed for small to medium sized companies making payments to more than 50 payees per month. Our simple payment process doesn't require any training, yet giving you enough control features to ensure mistakes don’t happen. The system plugs in directly into the Faster Payments scheme, making all payments go out immediately, 24/7 including bank holidays and weekends.
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