How can your business benefit from Faster Payments?
POSTED ON: 24 Oct, 2018
Faster Payments Service is a UK banking initiative to reduce the time taken to make electronic, sterling payments in the UK between different banks’ customer accounts from three working days to just a few seconds. It has become a natural fit for today’s demanding lifestyle. The impressive volume growth proves the increasing attractiveness of Faster Payments. Obviously, it meets expectations of both individual consumers and businesses. Here are some reasons how companies, targeting UK market, can benefit and save some funds by using the ever-evolving service of Faster Payments.
Probably the most important reason why Faster Payments are so attractive is their speed. Such payments are immediate. The transactions are executed straight away and settled almost immediately. For companies it brings a huge benefit of having the latest, most up-to-date account balance. It enhances cash-flow visibility and makes monitoring of your business transactions much easier.
Faster payments also guarantee 24/7 availability, which is extremely important for those companies that want to react fast to their business needs and be as flexible and agile as possible. Being able to process your transactions irrespective of “normal banking hours” brings a huge advantage to every company.
Due to the layers of protection in place, Faster Payments becomes one of the safest solutions when it comes to your finances. Multiple legal and technical protections are put in place to minimise fraud and make sure your business stays protected at all times.
Lastly, Faster payments are simple and easy to use. Making a business transaction via faster payments can be done extremely fast and without any unnecessary complications. Being efficient in business today is vital. The more efficient your business operations are, the more competitive you become among other companies. Integrating Faster Payments in your daily business operations lets you set up a payment system and simply forget about it.