![]() ![]() If, however, you have a debt or bill that is due on the same day as your transaction, then you would have to utilize CHAPS instead to insure that the transaction reaches the recipient instantly. ![]() If you’re sending a payment to one of the Umbrella Companies on a normal, not-so-urgent transaction, consider using the BACS mode of payment to avoid transaction fees. Now that the difference between BACS and CHAPS is clear, it’s important to know when you should favor one of these forms of payment over the other. This is the price for the speedy conclusion of your transaction. However, the downside of CHAPS is that it charges a fee for every transaction. CHAPS is a bank-to-bank electronic payment scheme which ensures that the money will be received on the same day, as long as it is transferred before three o’clock in the afternoon. Take note, however, that you’ll have to wait three to five working days for your BACS transaction to be completed – this is the main drawback of BACS.įor those who need their transactions concluded as soon as possible, the CHAPS, or Clearing House Automated Payment System, is available for use. Transactions involving salaries, loan repayments, supplier payments, and Direct Debits can be completed via the BACS mode of payment.Īnother important feature of BACS is that it is supported by many Umbrella Companies. BACS stands for Bankers Automated Clearing Services, and involves a fully automated way of collection and payment. If you live in the United Kingdom, or are involved in transactions in that area, chances are you’ve heard of the BACS and CHAPS modes of payment. ![]()
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