So I can’t get paid early. I get paid around half two every Thursday morning. My company has about thirty employees.
How am I getting paid? Is it scheduled Faster Payments? Is it bad practise or just another way of doing things?
Changed the title to make it less sensational.
Faster payment
Thanks BlBl (or whatever) but have you any idea why? My question was deliberately verbose because I wasn’t looking for a two-word answer?
And I implied that I knew it was Faster Payments but was hoping someone could elaborate.
Faster answers?
It’s another way of doing things, and probably cheaper for your employer to pay you by faster payments than BACS. There are a fair few people who’ve posted here with the same issue, and in some cases they’ve found they’re actually being paid by faster payments even when their payslips say ‘BACS’ on them!
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You’re welcome
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Without knowing specific about the company you work for it’s only speculation but from my personal experience…
I used to have a payroll team report to me for about 300 people. I liked utilising Bacs payments because it resulted payroll needing to be complete and processed at least 3 days before paying employees. This window provided my team additional time if anything went wrong - we’d use the same day payment as a back up.
At the time Bacs was also lower fee charges than same day. Faster pay was not available.
There maybe a cost benefit for your employer to use faster pay v Bacs. For example if debt funding or overdraft facilities are being used then saving a few days interest over the year adds up. I’ve delayed supplier payments to avoid having to draw down another tranche of a loan facility.
Maybe go speak to whoever manages payroll they will likely let you know what method they use and why.
From my experience, it’s just another way of doing things. I used to work for a small organisation (3-4 staff), and they paid me by Faster Payments. The director would simply log onto the bank account and make the transfers on pay day. I assume it was because it was simpler/less administration. I imagine it’s just a logistical choice for your employer.
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Ask the payroll at your company?
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No need, the helpful guys above have given me what I want. I don’t actually need to be paid early, I was just curious as to how it works but unfortunately my HR is not very user friendly.
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