Business Internet Banking puts you in control by letting you set an overall daily payment limit for the business, up to a maximum of £100,000 a day, which covers all payments made through the Business Internet Banking service. We offer you four different payment options to choose from, Bill Payments, CHAPS Payments, International Payments and BACS Payments.
Newly established businesses and those making mainly single payments will find the Bill Payments option handy and uncomplicated. With the Bill Payment option you make sterling UK payments one at a time to a single beneficiary in a way that may be familiar to users of our Personal Internet Banking service or Business Telephone Banking service. Bill payments are normally received by the beneficiary's bank and should be available within two hours providing that the beneficiary sort code and account number accepts Faster Payments*. In all other cases the payment will take a minimum of three working days.
Please note: Payments can be made up to your daily Bill Payment limit to HSBC Credit Cards (including first direct), HSBC Business Card and Commercial Credit Cards using the Faster Payment Service.
The Bill Payment option will help you avoid unplanned overdrafts as available funds are needed on your account before a payment is made. Details of Bill Payments made are available (real–time) from 'Transaction List' within the 'Accounts' option.
Because our Business Telephone Banking service uses the same Bill Payments system, beneficiaries created online can also be used at the telephone or vice–versa.
Details of Bill Payments made, are available (real–time) from the 'Transactions' function within the 'Accounts' option.
A charge is levied in accordance with your agreed account tariff for each payment made.
The 'Delete Bill Payment Beneficiary' function allows you to delete existing Bill Payment beneficiaries or references.
* excludes planned maintenance outages.
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 Bill Payments normally take three working days to credit the beneficiary (with the exception of payments sent and received using the Faster Payments Service) and 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 UK time(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.
International Payments, also known as SWIFT payments, are used for sending funds overseas or currency within the UK. This gives you the flexibility to trade with international companies and organisations. Before making a payment you can check the latest HSBC notional exchange rates on all available currencies.
Sending international payments can often be a daunting and longwinded process. The International Payment service on Business Internet Banking has been specifically designed to make this simple and easy. The key to making an International Payment is to ensure that you have all of the essential beneficiary details and enter them accurately in the payment instruction. Business Internet Banking will ask you for the information it needs to be able to make your payment quickly and efficiently. As a general rule you should always ask the beneficiary to provide you with the following information:
• Beneficiary name.
• Beneficiary address.
• Beneficiary Bank Identifier Code (BIC) or Routing Code.
• Beneficiary International Bank Account Number (IBAN) or Account Number.
In addition, when sending International Payments abroad you should always provide an explanation/reason for the payment in the 'Message to Beneficiary' field.
When making an International Payment in Business Internet Banking there needs to be sufficient funds in the debiting account to cover the value of the payment plus any charge.
International Payments are available Monday to Friday 8am – 3.30pm UK time (excluding Public Holidays).
You can check on the status of your payment by looking at list of Transactions in Business Internet Banking.
For every International 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. Charges for International Payments made under the Payment Services Directive will be shared. Eg: HSBC customer will pay HSBC charges and the Beneficiary will pay the overseas bank charges. The option to pay all bank charges will no longer be available.
The BACS payment option is ideally suited to established businesses that make frequent sterling UK payments, especially bulk payments such as salaries. BACS payments can be made in batches of up to twenty five beneficiaries (one debit), so you don't need to make payments one–at–a–time. Full transaction details of recent BACS payments made are available from the 'BACS Payment History' function within the 'Payments' option. Payments are made in Sterling and addressed to beneficiary accounts domiciled in the UK.
When making a BACS payment you'll be debited two working days after the payment was sent – the same day the funds are received by the beneficiary.
A charge is levied in accordance with your agreed account tariff for each payment made to a beneficiary.