New to Monzo and have tried searching got a quick question if anyone can help.
I have a Monzo U.K. business account. A client (business account, non Monzo) has paid me by BACS on Friday.
I know the amount will be available on Tuesday in my business account, due to the 3 working day rule, but will Monzo notify me of the payment coming in as “pending” anytime before?
If so will that be Saturday/Sunday or the Monday for the notification has any business owners experienced this?
I get notifications (usually the day before) for incoming Bacs payments. No prior notification for anything arriving by Faster Payments of course. Also worth noting that Get Paid Early is not available on business accounts.
Incoming payments sent by your client via BACS will arrive in your account like any other payment.
If you want to collect payments by BACS Direct Debit you need a sponsoring bank to arrange for a BACS Service User Number (along with using approved software and being approved by BACS to collect DDs yourself). Monzo don’t offer that.
I’m not sure if you can collect DDs via a third party arrangement, I’ve never explored that route as I’ve always worked for large businesses using high street banks, but I believe it may be possible. If that’s what you want to do, perhaps someone else on the forum will know more than me about that.
Edit: looks like GoCardless (and probably others) will help you manage this.