A Bacs payment is the cheapest way to make a bank payment. It only costs a few pennies, mostly depending on the volume and the bank, or Bacs bureau. When sending 1,000 plus payments a month this should be significantly less than 10p, also watch out for hidden bank charges such as:

• Bacs File charges
• Charges on rejected Bacs files (up to £100 pounds)
• File re-input or amendments (up to £300 pounds)
• File reversal (up to £2,000 pounds)
• Smart Cards

Find out more here.

Alternatives to Bacs payments

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 payments that usually clear in seconds, up to the value of £250,000 pounds per transfer, much cheaper than CHAPS.

Business Owners, FDs and Finance professionals are finding there's a far simpler and cheaper way to make business payments...