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How much does a Faster Payments payment cost?

How much does a Faster Payments payment cost?

October 29, 2019
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Faster Payments charges

Faster Payments is one of the most expensive options to send bank payments, which will often be 1 to 5 pounds per payment. However, because of new entrants such as Telleroo and others banks won’t get away with this anymore. Currently they are trying to either have you use Bacs or very expensive CHAPS (10 pounds plus, also known as same-day payment).

How to get started with Faster Payments

Sending individual payments through any online business banking in the UK will most likely be a Faster Payment, meaning to send individual FPS is very simple, mostly free, and accessible to even very small businesses. When it comes to sending more than a handful of payments it becomes more difficult and you are left with three options:

We at Telleroo are committed to end this era of slow and expensive business payments to eventually level the playing field, and make business payments as effortless as consumer payments.

Top Tip from Telleroo

You are probably aware that keying in payments individually is a nightmare and that you wish you could just import a pay run for your business or clients.

This is now possible using a pay run importer like Telleroo that works with most accounting software files and banking files.

Import payments, schedule and fund, without the hassle of manually keying in your payments.