A Bacs payment is the cheapest way to send payments. It only costs a few pennies, mostly depending on the volume and the bank, or Bacs bureau. When sending say 1,000 plus payments monthly this should be less than 10p, also watch out for hidden bank charges such as:
Find out here about bacs payment times
Bank to bank payments can also be made through CHAPS and the Faster Payments system. CHAPS are same day payments for high value transfers which cost about 20-30 pounds per transfer. Faster Payments are instant payments up to the value of 250,000 pounds per transfer, much cheaper than CHAPS.
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.