Faster Payments: What it is and how it works


When you take payments as a business, it’s always been the case that you’ll usually have to wait a few days before the money gets to your business’ bank account.

Phone screen showing a green tick with card payment machine near it

This is because when a customer makes a card or online payment, the money will sit in your Merchant Account until it’s cleared into your business account.


You’ll always get the money. It’s just been part of the process that the money sits in this other account (usually between 3-5 business days) before landing in your business account.


With faster payments, this process is quicker, and you can usually receive your funds the next banking day.


Faster payments have been around for a while, and they work for any payment you can take as a business. Whether it’s through card, online or a payment over the phone.

How faster payments work


Faster payments work precisely the same as any other transaction you’ll complete in your business.


When the customer pays using their card, a check will be made that they have the funds available, and if the funds are there, the money will be transferred to your merchant account and then to your business account.


The only difference is the speed at which faster payments work.


Instead of waiting a few business days, you get your money quicker, which can be a huge help when it comes to cash flow in your business.


And if you take payments on a Friday, or over the weekend, the money will be in your business account the following Monday.

Two card payment machines being held out

Person typing out their card number on a laptop

What types of payments work with Faster Payments?


Essentially all the payments you’ll take in your business will be able to use faster payments to get you your money sooner.


The types of payments include:


Single payments - These are the one-off payments a customer will make either in-person, online or over the phone. They usually cover a single transaction that’s processed at the time of the purchase.


Direct debits - If you accept regular monthly payments or charge a subscription for your services, you can use faster payments with your direct debit payments. The money will be taken from your customer on the designated date and deposited into your business account the next banking day.

Do all banks accept faster payments?


Yes, almost every major UK bank can receive and process faster payments, so you’ll likely be able to access them without looking for a new business bank account provider.


If you aren’t already accepting faster payments, you should talk to your bank to ensure they accept them.

Person paying with card using their phone

Get money into your business quicker with faster payments


While you might not think waiting 3-5 business days is a long time for your business to get paid, it can seem an age to wait when you need to build a reliable cash flow.


With faster payments, you can get money into your business quicker and ensure your cash flow is working smoothly and efficiently to secure your business’ future.


And it’s never bad to get your money faster, right?


If you want to know more about the faster payments options offered by Handepay, get in touch

Financial disclaimer:

Terminal hire contracts are provided by Merchant Rentals Limited, who is authorised and regulated in the UK by the Financial Conduct Authority (FCA) for Consumer Hire under FRN 720500. Terminal hire can be for consumer hire and non-regulated hire contracts. Please check your contract carefully for details. Regulation of all consumer hire fall under the control of the FCA.

Handepay Ltd is authorised and regulated by the FCA for Consumer Credit under FRN 673564. Handepay is a credit broker for consumer hire not a lender.

Handepay acts as an introducer of card acquiring services on behalf of EVO Payments UK, the card acquiring service provider. EVO Payments UK is the trading name of EVO Payments UK Ltd, a payment institution that is authorised and regulated by the Financial Conduct Authority (FRN number 959332).

Existing Cards Businesses- The one-month rolling terminal hire contract from Merchant Rentals is only available to businesses that are switching from their current acquirer to EVO Payments UK arranged through Handepay.

New to Cards Businesses- The 12-month terminal hire contract from Merchant Rentals is only available to businesses that are new to card payments and wish to receive acquiring services from EVO Payments UK, arranged through Handepay.

The Next Day Banking Settlement service provided by EVO Payments UK incurs an additional fee of £4 a month on top of your acquiring service charges and fees. Provided your card machine performs a reconciliation before 12am (midnight), you’ll receive settlement of funds the next banking day.

Editorial disclaimer:

The information we provide does not constitute financial advice and might not apply to your business. Always carry out research into your business’ needs when choosing a new merchant services provider.

Sometimes, we link to other third-party websites to provide you with additional information. At the time of publication, we consider the information accurate, however, we do not have control over their content and are not responsible if any information on these websites change.

The products we display on our website are for illustrative purposes only - if your business requires additional facilities, you may receive a different model than advertised.

All of the information contained on this website, including fees, services and functionality, are correct at time of publishing. E&OE.