Looking to switch my business banking to Monzo - my only concern is I have many customers that have my existing sort code & pay me directly. How can I minimise this disruption & potential loss of customers with a new account??
Payments would be redirected if you used the switch service, but you probably wouldn’t want to rely on that forever. You’d just need to tell them you’ve changed details. Bank details should always be on invoices anyway so you’d need to communicate that they’ve changed.
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Yep, if you use CASS then any payments to the old details should be redirected for (I think) 13 months.
However, new details should go on the invoice, preferably with a note also clearly shown stating that your bank details have changed. Good communication with your suppliers is important as obviously one of the main fraud issues for businesses is invoice fraud.
Supplier change of bank details is a big red flag at the place I work and an invoice with “we’ve changed our bank details” arriving from a supplier means mandatory checks to verify that change with the supplier. So you need to keep communication channels open for those queries.
Ah knew there was a limit but couldn’t remember what it was.
If you have contact details for customers in some CRM software or something, it could be worth sending an email to everyone just informing them in advance they will be changing - depending on when you do it either include the new details and also state they’ll be on invoices from X date. Maybe add a note to invoices for a few months as a reminder too.
From Monzo’s switching page (Switch to Monzo Business | Switch Account Quickly & Easily):
We will arrange for payments accidentally made to your old account to be automatically redirected to your new account. We will also contact the sender and give them your new account details.
I’m not sure what the process to notify the sender would be, but over the course of several months it should be fairly straightforward for people to update their payment details for you.
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Payments are redirected for a minimum of 36 months. After which, each redirected payment will extend the redirection by a further 13 months.
Basically there is no time limit now. The rules changed a few years back to extend.
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If they pay by BACS they will receive an AWACS report showing the old and new account details.
I should have mentioned this in my previous post.
https://www.bacs.co.uk/bacs-schemes/bacs-direct-credit/services/awacs/
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Some banks will automatically update your payee account details when you send a payment to a redirected account.
With Starling, it’s instant. The stored payee details are updated the moment you send a payment.
Some other banks still send you a letter, giving you the new account details and recommending you update your payee details manually… 
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Interesting, hadn’t heard of this before!