The CHAPS payment option is particularly useful to businesses who need to make urgent payments where funds need to be received the same day. CHAPS payments are made in sterling to accounts domiciled in the UK. Like Bill payments, each CHAPS payment is created individually and will contain one beneficiary. Payments are subject to available funds in your account.
The main difference between Bill and CHAPS payments is that CHAPS payments are debited and credited on the same day, regardless of which Bank or Building Society the beneficiary account is held with. CHAPS payments are available Monday to Friday 8am - 3.30pm (excluding Public Holidays).
You can save CHAPS beneficiary details when making a payment. These details are exclusive to CHAPS payments and can be reused in the future. When making a CHAPS payment in Business Internet Banking there needs to be sufficient funds in the debiting account to cover the value of the payment.
For every CHAPS payment made, an HSBC charge will be debited from your account in accordance with the Business Banking Price list. The HSBC charge is displayed on the 'Check payment details page' where you have the option to cancel or amend the payment if you do not wish to continue. If you choose to make the payment, this HSBC charge will be shown again on the 'Confirmation page' and appear in your Bank statements when the payment has been made.