No. A Direct Debit Facilities Management Service such as FastPay can sort out all the formalities on your behalf.
No. We will obtain one on your behalf. Please see also next question.
Yes, we will purchase an SUN (Service User Number) from BACS on your behalf and register it to your company. This will ensure that your company name appears on all your BACS reports and on your customers’ bank statements alongside your collections.
The banks deal with millions of collections on a daily basis and these are being processed using a wide variety of transaction methods and sophisticated technology. However, due to their size they are unable to provide the human element, the type of personal involvement and diligence as a company such as ours which has a dedicated account manager for every hundred clients. Accordingly, the banks’ risk exposure to error is much higher. They therefore choose to offer this service only to huge corporations where their risk exposure is minimised due to the high value securities that these corporations can offer.
No. Once you have paid your one-off signup fee there are no regular, monthly or annual fees whatsoever. It is purely pay-as-you-go with individual services being charged for as per our advertised price-list.
No, there are no hidden costs. We pride ourselves on our clear transparent pricing structure and our full price-list is available as a download from our website.
There is no charge at all for changing the frequency or the value of your collections. In fact, one of the main advantages of Direct Debit is that you have the ability to change the collection dates and amounts whenever you choose.
Please see a full and comprehensive answer to this question on this page on our website.
As a rule, our clients prefer to be “in charge” and always maintain the file themselves. If your amounts rarely change it would probably involve no more than 5 minutes a month. However, we do have a “Fully Managed” service which does all that for you but there is an extra charge for this service.
All monies are forwarded to you as soon as they are cleared. This is generally two days after collection. There are various options as to how we pay you and the choice is yours.
All monies are held in a specially designated client/trust account. Each client has their own “virtual” account to eliminate the possibility of cross-contamination of client monies. The client/trust account is protected by the legislation that governs such accounts. Furthermore, you are always protected by the Direct Debit Guarantee. This guarantee is one of the most powerful in the entire banking sector.
We will have updated our records and you should do likewise.
BACS (Bankers Automated Clearing System) is now operating under the name VOCA Link Ltd. It is a non profit organisation that is used by the Banks and other organisations to facilitate the transfer and collection of monies electronically through the banking system. It is run by a membership-based industry body and the entire process is closely regulated.
A BACS file is the method by which you submit your instructions to BACS. There are two types of submission to BACS: One is known as an AUDDIS file, the other is a Collection file. An AUDDIS file (AUDDIS = Automated Direct Debit Instruction Service) is a set of instructions relating to the setting up or cancellation of Direct Debit instructions, whereas a collection file consists of monetary collections. Whilst both types of instructions (AUDDIS & collections) can be submitted together (i.e. in one submission file,) BACS will nevertheless separate those instructions into two separate files.
We supply lifetime support by phone or email completely FREE OF CHARGE.
This will depend perhaps on how many new payers you plan to send in a file. If there are few then it makes sense to send as few as possible, once a month would normally be sufficient. Furthermore, it is more economical for you to combine as many New Payers in one file to cut down you submission costs.
With FastPay you can send your collection files as often or as seldom as you choose depending on your requirements. Some of our clients send us several files per day whilst others send their collection files just once a year!
That is entirely up to you and is restricted only by the frequency with which you plan to send us files. It should be noted, however, that any given file can only be processed on a given date. In other words, you cannot combine collections of different dates within the same file.
The standard Direct Debit service does require a payer’s signature on the Direct Debit Instruction. However, if you have upgraded to Paperless you will be able to accept instructions via your website or over the telephone without requiring the payer’s signature. However, you will still be obliged to send the Mandatory Advance Notice Letter , see next question.
The rules of the Direct Debit Scheme require that before making your first collection from any individual customer you must send them an Advance Notice of Direct Debit wherein you will confirm the bank details they have provided you with, the Direct Debit reference you will be using for your collections and the collection arrangement. FastPay will supply you with a template to this letter (and any other letters that you may need too).
Modulus checking (which allows you to validate your customer’s account details) is required by BACS prior to submitting any account details to them. FastPay provides the facility for you to carry out this check.
BACS reports are forwarded to you as soon as they are received. Bounced payments are almost always received the day after collection and other reports will be generated as and when they are actioned by the payer’s bank.
You can recharge them as soon as you choose, with or without informing payers. However, it is considered good practice to contact the payers either by calling or writing to them and inform or agree with them on a new collection date. This helps to ensure that they will have the required funds in their account to prevent yet another bounce.
ARUDD or Automated Returned Unpaid Direct Debit details payers that have not paid. ADDACS or Automated Direct Debit Amendments and Cancellations details payers that have either cancelled their Direct Debit Instruction through their bank or have had their account details amended, for example when moving banks.
It is easy as 1-2-3. You can download our one-page application form from the downloads page on our website and, once completed, fax or email a copy to us. We will respond with a short BACS questionnaire about your business activities and as soon as we have the answer to those question we will commence processing your application.
“We have used FastPay LTD for our direct debit collections since our companies inception over 6 years ago. At all times we have found them to be a proactive, dynamic and professional team who deliver on their word. Their easy to use systems and processes mean that we have rarely had to call on their services except for advice, which has always been both accurate and readily forthcoming When we required urgent help owing to a 3rd party issue, FastPay reacted quickly and pragmatically, going well beyond what we could reasonably expect. Without FastPay, their industry knowledge, contacts, and the amazing team which underpin it, our business would simply not be able to function. I would highly recommend them to any business, and have referred numerous customers and colleagues to them.”
Phil Little – Managing Director – VoIP Phone Systems
“Thanks to everyone at Fastpay for your work this year. Have to say we have zero issues with our direct debits and the system works really well.”
“I know I have been with you a while now and I must say your service is first class.”
Automotive Media Systems Ltd Calas
“I have been working with Fastpay over the last 10 years and I cannot congratulate them enough for the smooth and effective way that they run their company. I’ve had loads of questions in the beginning and they were always able to assist in a friendly and professional way. Thank you for making the process easy for us to follow. Thank you Mark, Julian, Jonathan and everyone else at Fastpay for your excellent service over the years. It is a pleasure to work with you all. ”
Nursery Head Office
“I would like to say how impressed I have been with the way our transactions via FastPay have worked. From the download from our membership database (MyCourts) to uploading the files via your portal the system has been simple to use and is highly intuitive. All communications from your selves have been timely and helpful.”
East Grinstead Tennis Squash and Racketball Club
“Can I just pass on my thanks to you and your team at Fastpay for your help, support and advice for our recent transfer of our Direct Debits to Fastpay. Your team has been brilliant and helped me and my team through any problems we have come across.”
Sheffield United FC
“Lithium Systems Ltd - Fastpay makes my life so much easier and I appreciate your service. All the best to your team for 2021.”
Lithium Systems Ltd
“As a business owner, getting the invoices paid on time, if at all, is one of the most time consuming and unenjoyable tasks I had to undertake. FastPay has taken that pain away for good, yes it is a big learning curve but it is worth the effort. To see the funds arrive in my account at the end of the month without any hassle, phone calls, letter sending...”
Justine, Operations Manager
“I was looking for a direct debit service that was simple to use and provided a secure and flexible payment option for my customers. FastPay customer support has been excellent and their advice is extremely helpful. I wouldn't hesitate to recommend the service. ”