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).
- Banks charge typically between 1-5 pounds per payment plus payment file charges similar to Bacs
- Bacs approved bureau: Some offer next day payments similar to Faster payments for 50p to 1 pound
- Telleroo: Standard 45p per real-time faster payment, discounts available on volume
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:
- Upgrade regular Business Banking to Corporate Banking (eg. Barclays.Net)
- Use Telleroo Batch Payments
- Connect to Telleroo Faster Payments API for higher volumes
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.