Faster payments is a service that allows you to process payments quickly and reliably. It is a particularly useful feature for businesses who need to optimise their cash flow effectively.
If you wish to sign up to faster payment, you'll need to email [email protected]. You'll then receive a response from the Finance team, with all the details of the services available to you and the fees payable.
Join faster payment
If you would like to go ahead with the service, you'll need to respond back to the email showing your interest in joining, and provide the following details:
Which service you would like to select - all invoices or on demand.
Your Companies House registration number, if applicable.
The name of a person with significant control to whom the contract will be sent.
A contract will then be sent via DocuSign to the person you have stated. Once they receive the signed contact back, the faster payment service will go live.
Services available
If you opted for all your invoices to be on the faster payment service, you won't need to do anything else. All invoices available will be paid automatically every Friday.
If you opted for on demand then you'll need to email [email protected] before 11am on the day which you require same day payment. If you miss this cut-off time, you'll have to resubmit your email the next working day.
On demand service email template
If you have chosen the on demand faster payment service, use the following template when emailing the Finance team to request for your payment:
I am requesting the following invoice numbers for Faster Payments today:
VWXYZ###_SPxxxxxx
VWXYZ###_SPxxxxxx
VWXYZ###_SPxxxxxx
These payments are for [Insert Company Name].
(“VWXYZ###” - represents the account number, e.g. COMPA001 for Company Name)