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In this fast-paced business environment, the ability to offer faster payments is what makes the difference between being an extremely efficient organisation focused on customer satisfaction and one that is potentially headed towards disaster.
Faster payments significantly reduce the waiting time for transactions to take place, which means peace for both parties. Nowadays, with the world advancing rapidly every business is doing what it can to surpass others in its race towards dominance. Setting up a faster payments system for your own business will significantly boast the operations and the reputation of your firm.
With the right tools you can observe benefits you did not know your company could enjoy. Here is a brief guide to setting up a faster payment system in your UK-based business.
Learn how faster payments work
Faster payments offer customers the opportunity to make quicker electronic payments or even transfer revenues online or via phone. Instead of taking days for a transaction to complete, the task of a faster payment only takes a couple of hours. What’s more, those who have this feature in their business are free to conduct electronic transfers at any moment 24/7. The service is even available on official holidays including the days when banks are off.
Faster payments are made electronically within the duration of two hours, given that both the sender and receiver are part of the Faster Payments service. They are mainly used to make a significantly large number of small value payments that include expenses, bills, online transfers and supplier payments.
Whilst most Faster Payments are usually restricted to 250,000 pounds; many individual banks impose a lower limit to transactions. Since the Faster Payments was launched in 2008, more than five billion payments have been processed using this very scheme.
Analyse the benefits for your business
As the name implies, faster payments are payments that take less time to be processed and are delivered at a more rapid pace in comparison to a regular payment.
Businesses that have previously been making use of traditional payment systems need to make changes that are more significant when compared to the ones that just want to upgrade to a better faster payments solution.
Faster payments are great for last minute transactions whether it is payment to a partner or payroll of your employees. For the organisations using a faster payments system for the first time, the entire software the business operates on will have to be reorganised and replaced, and other internal changes must be made to set up the new technology. For those who are upgrading to better software, the cost of the process must be compared with the expected value that the new tool will bring to the organisation.
Compare your options
When a business decides to incorporate a Faster Payments strategy into its daily running, a lot of research unquestionably becomes a requirement. One of the critical steps for those companies setting up a Faster Payments system is to analyse the performances of various different brands offering the services and the productivity of the businesses that are already their clients.
Instead of blindly paying for the first Faster Payments service that pops up in the search results, a proper in-depth survey should be conducted to get a better idea about what the company may be getting into. Other than the list of features, you should also consider the quality of service and support you will get from the solution provider.
Invest in faster payments technology
There’s software catering to businesses that want to adopt the Faster Payments technology and revolutionise their payment procedures. Amongst some of the brands using this software, I have found one that significantly surpasses others in terms of flexibility, features, and performance. AccessPay, a BACS approved cloud-based solution for UK businesses, brings a whole new level of flexibility and freedom. The benefits that come attached to being cloud-based include minimal Capex and seamless integration. The AccessPay Faster Payments module is just the right payment service for businesses looking for quick, affordable and easy Faster Payments setup.
Make a final decision
The importance of a Faster Payments System is manifold when it comes to the smooth running of corporations, but the significance of technology is even more for those businesses which rely on transactions and online transfers.
Businesses need to realise that there will be a revolution taking place inside their organisation when implementing a Faster Payments system. Things will need to be reorganised and tasks reassigned for the system to work. While previously the organisation may have been relying more on manpower than technology to conduct payment transfers, now the same businesses will find themselves incorporating a Faster Payments system that is largely automated.
Setting up a Faster Payments System is not as difficult as one may believe and the advantages outweigh the initial cost and time involved in the setup.
