Payment Services
Move money with confidence
We recognise that every business is different. By collaborating with trusted partners, we offer a broad suite of products and services designed to help you manage your organisation’s finances with maximum ease and efficiency.
What are payment services?
Payment services are processes that allows individuals or businesses to transfer money electronically, either domestically or internationally. They cover a range of activities, including sending, receiving and processing payments.
At Unity, we make it simple to move your money securely and efficiently. Whether you’re paying suppliers, receiving funds or managing everyday transactions, our payment services cover a range of options to suit your business needs.
Domestic payment services
Our domestic payment services let you send and receive money within the UK quickly, securely and reliably. Options include:
Bacs Payments
Bulk Faster Payments
CHAPS Payments
What’s the difference between Bacs, Bulk Faster Payments and CHAPS?
While all three payment services move money between accounts, Bacs, Bulk Faster Payments and CHAPS differ in how quickly payments arrive, how much they cost and how they’re typically used. The table below highlights the key differences to help you decide which payment type is right for your organisation.
Payment Services Comparison Table
| Feature | BACS: Direct Submission | BACS: Indirect Submission (Unity e-Payments) | Bulk Faster Payments | CHAPS |
|
Processing speed |
3 working days. |
3 working days. |
Payments authorised before 3pm Monday to Friday will be processed and available on the same day. Payments authorised after 3pm Monday to Friday will be debited and sent on the next working day. |
Payments authorised before 2:30pm will be processed the same working day. Payments authorised after 2:30pm will be processed on the next working day. |
|
Set up costs |
From £1,820. Refer to our Bacs page for further details. |
From £425. Refer to our e-Payments page for further details. |
There is a fee of 25p per transaction for Bulk Faster Payments. |
There is a fee of £25 for each CHAPS transfer. |
|
Maximum transaction limit |
Dependent on credit limit. |
Dependent on credit limit. |
Dependent on credit limit. |
No credit limit, as long as funds are available to fulfil the transaction. |
|
Availability |
Weekdays only, excluding public and bank holidays in England and Wales. |
Weekdays only, excluding public and bank holidays in England and Wales. |
Weekdays only, excluding public and bank holidays in England and Wales. |
Weekdays only, excluding public and bank holidays in England and Wales. |
|
Best for |
Large organisations making low value/high volume transactions. |
Small/Medium Enterprises (SME) making low value, high volume transactions. |
Near-instant, every day transactions up to £150k. |
Same-day, high value payments with no transaction limit. |
International payment services
Managing international payments requires strict compliance with global regulations, banking standards, and exchange rates in both the sending and receiving countries. At Unity, we make this process simple. Our experts guide you every step of the way, ensuring your funds are transferred safely, securely, and with complete peace of mind.
