How Direct Debit works with Facilities Management

The first time you add a new payer:

1.

You send us the account details of your new payer(s).

2.

We forward those details to Bacs who will give the payer's bank five days’ notice that there is a new Direct Debit Instruction from one of their customers to FastPay.

3.

Once the details of the new payer have been lodged with the payer’s bank, you may instruct us to debit the payer’s account anytime as long as the payer has been given five days’ notice and has raised no objection.

4.

On the day nominated by you for collection, your customer's account will be debited and the monies will be credited to a Client Trust Account we hold in your name.

5.

If the Payer has insufficient funds in their account to cover the demand, the amount collected from that payer will be reversed out on the following day and you will be informed accordingly by means of a Bacs Report.

6.

Cleared funds are transferred to your company account on the following day.


What happens when payments bounce?
 

1.

FastPay will receive a report from Bacs informing us that the payment has bounced. This usually happens on the day following collection.

2.

We will forward that Bacs report to you on the same day. All Bacs reports are provided free of charge.

3.

You can then contact your customer giving them notice of an impending recharge to their nominated account. Our experience has shown that your customer will usually ensure that there are covering funds in their account for the recollection. This is mainly due to the charges applied to their account by their bank for bouncing a Direct Debit.

*Please click here to download our Submission Flowchart which provides a graphic representation of this process.


     

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