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What Types of Payments does My Account Accept?

Your business account is full of payment features which allow you to have some flexibility with the type of payments you can make and receive. Please see the list of payment types: 

BACS Payments

BACS (Bankers' Automated Clearing Services) is an electronic payment system used in the UK to transfer money directly between bank accounts. It is commonly used for salary payments, direct debits, and supplier payments. BACS payments typically take up to 3 working days to clear.

Faster Payments

Faster Payments is an electronic payment scheme in the UK that enables near-instant transfers between bank accounts, typically completing within seconds to a few hours. It is used for a wide range of payments, including salary disbursements, bill payments, and person-to-person transfers. Most Faster Payments transactions are available to the recipient within 2 hours, and many arrive within seconds. 

CHAPS Payments (Applicable to Modulr Business Accounts)

CHAPS (Clearing House Automated Payment System) payments are designed for high-value or time-critical transactions, such as property purchases, large business payments, and same-day financial settlements. CHAPS payments are processed and guaranteed to arrive on the same business day, provided they are submitted before the cut-off time. There is no upper limit on the amount that can be sent via CHAPS.

If you have activated your International Business Account, you can also accept SWIFT payments provided that you use the international transfer details. 

Have questions about your account or payments? Contact our support team at gethelp@getground.co.uk — we're happy to help.