The New Way to Pay Employees Apr 16, 2021Views: 319
Do you want to simplify your payroll payments process? Your answer should be yes.
A digital world needs digital payments, and you should be able to pay your employees directly from your payroll software. Payroll payments can now be initiated within BrightPay without the need for payment files, allowing for a flexible, secure and fast way for employers to pay their employees’ wages. Get ultimate convenience with real-time and 24/7 payments with Faster Payments, giving you the flexibility to schedule payments in advance or make last minute changes, if needed. BrightPay have teamed up with Modulr to offer this service to BrightPay users.
A Bacs payment is one of the most common bank-to-bank transfers in the UK – in fact, eight in ten employees are paid this way. A Bacs transfer time usually takes three days for payments to be completed, with strict cut-off times for processing payments, so it is not suitable for immediate and same-day payments. But why? Although it’s an electronic system, it gets the weekend off, so payments can only be sent and received on business days (Monday – Friday, excluding public holidays).
In 2008, the Faster Payments Service was introduced in the UK. It provides near real-time payments between bank accounts in the UK. Speed is the key benefit of Faster Payments. Recipients will typically get their money instantly (within 90 seconds), or within 2 hours of the payer actioning the payment. Faster Payments enables mobile, internet, telephone, and standing order payments to move quickly and securely between UK bank accounts, 24 hours a day.
So, if your using payroll software and you want to pay employees a little closer to pay day, remove manual processes and eliminate costly errors, a Faster Payments solution, such as BrightPay’s direct payments facility, is for you. One-off and emergency payments can also be made at any time.
Click here for more information on BrightPay’s integration with Modulr and register for our upcoming webinar.
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