This article is about the Financial Account offered to landlords with property owned in their personal name. If you're a company landlord looking for help with your Business Account head up here.
Your Financial Account is full of payment features which allow you to have some flexibility with the type of payments you can make and receive. Please see the list of payment types:
BACS Payments
BACS, or Bankers' Automated Clearing Services, is like a digital way of moving money between bank accounts in the UK. It's a system that helps people and businesses easily send and receive money without using paper. People often use BACS for things like getting paid, paying bills, or giving money to others.
Faster Payments
Faster Payments is an expedited electronic money transfer system widely used in the United Kingdom. It provides a swift and efficient means for individuals and businesses to send and receive funds between bank accounts. Whether it's receiving your salary, settling bills, or transferring money to friends, Faster Payments ensures almost immediate transactions, often within a few hours or minutes.
CHAPS Payments (Applicable to Modulr financial accounts)
CHAPS payments are particularly valuable for significant transactions, such as property purchases, business deals, or time-sensitive financial transactions. Unlike standard payment systems, CHAPS transactions are processed on the same day, ensuring swift and guaranteed delivery of funds.
If you have any questions about your Financial Account, please do not hesitate to reach out to our friendly support team at gethelp@getground.co.uk