Business to Personal Account Payment

A question about : Business to Personal Account Payment

Hiya all,

Done some work for someone for which I have invoiced for - a one off project

They told me payment was sent on Tuesday to me but have not received it yet

Before I went back to them this afternoon I just wanted to check that business to personal accounts still follow the same faster payment terms as other bank transfers do

Many thanks

Best answers:

• Businesses still can use BACS for salary / contractor / bill payments, so it could take quite a while. They don't necessarily submit their BACS payments on a daily basis, either.
• Business banks typically charge for almost everything and faster pay can be charged differently than BACS and also doesnt support the same level of bulk upload of instructions. For all these reasons BACS is more commonly used plus you always have to factor in a "manager" saying "they've done it" which really means they've emailed someone in Accounts to ask them to do the physical keying and they may not action it the second the email is received.
  Once the instructions have actually gone to the bank it should take 3-5 working days to show and clear.
• We have a business account and when we pay someone for the first time it can take a couple of days. Which bank you are with and which bank they are with can also make a difference.
  If you can I would wait until the end of the week Monday if at all possible. If it is not in by then I would chase it up.
• Thanks all glad I asked before I chased
  Hopefully will be in tomorrow then :-)