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2021 FastPay Payments Reviews: UK Fees & Pricing

FastPay Ltd Logo

FastPay is a Manchester based company which arranges direct debit schemes and runs them.  The company was incorporated in 2008 and has an excellent reputation within the banking industry.  FastPay provides direct debit services to any size of business, from sole trader to corporations.

FastPay Direct Debit Processing & Payment Services

Choose Bureau Service if: –

  • If you have a SUN number
  • You want to be an indirect submitter to reduce costs
  • You want to receive your money on the day it’s collected
  • You want to make payments using your own SUN

Choose Managed Service if: –

  • You are sole trader, SME, partnership or organisation that wants to collect payment by Direct Debit
  • You cannot get a SUN from your, FastPay can set one up within 24 hours
  • You want to use Direct Debit to streamline your payment collection process
  • You want a proactive reporting service

FastPay Features for both Bureau Service and Managed Service

  • Multiple, branded and Bacs approved sign up methods: – Online, phone and paper
  • Proactive reporting system
  • Full database management with reports available on collections history
  • No monthly or annual fees
  • Flexible Pay As You Go option
  • Volume discounts available
  • Low set-up fees
  • 24 hour set-up
  • Free phone and email support
  • Branded documents
  • API integration
  • Xero integration
  • Funds transferred quickly
  • Market leading software

FastPay Pricing & Fees

Managed Service

  • Set up fee from as little as £175
  • 10-50p per Direct Debit (price per transaction is based on volume)
  • Free lifetime email and phone support
  • Fee amendments to amounts/collection date
  • Processing fees
  • 50p each – direct debits or credits (any value)
  • 75p each – returned payments
  • £2.50 each – additions or cancellation to Bacs Records
  • £3.50 each – Errors in Submission
  • £5.00 each – Bacs DD or AUDDIS File Submission & Processing
  • £25 each – Indemnity claims
  • Once Only Payments
  • £175 – Small business facility setup
  • £375 – Corporate bespoke facilities management setup
  • POA – upgrade to paperless direct debit or Commercial Bacs Bureau
  • Optional and Additional Services
  • £75 – all standard direct debit letters
  • £3.75 – Transfers to multiple accounts
  • From £5 – Duplicate of bespoke reports
  • £5 – Low value same day payment (up to £10,000)
  • £25 – High value same day payment (over £10,000)
  • £35 per hour – Bacs or Direct Debit related professional, design and secretarial service
  • Flat rate monthly pricing also available

Bureau Service

  • Set-up fee £375 or lower
  • From just 3p per direct debit or credit
  • Free lifetime email and phone support
  • Free amendments to amounts/collection dates
  • Processing Fees
  • 35p each – Direct debits or credits (any value) up to 500 transactions per month
  • 25p each – Direct debits or credits (any value) 501 to 2500 transactions per month
  • 15p each – Direct debits or credits (any value) 2501 to 5000 transactions per month
  • 5p each – Direct debits or credits (any value) 5001 to 10,000 transactions per month
  • 3p each – Direct debits or credits (any value) over 10,000 transactions per month
  • Free – Returned payments
  • Free – All amendments to amount and/or of collections
  • Free – Lifetime technical and logistical support
  • 75p each – additions or cancellations to Bacs record
  • £3.50 each – Bacs DD or AIDDIS file submission & processing
  • £5.00 each – Errors in submission
  • Once Only Payments
  • £375 – Bacs Commercial Bureau setup
  • POA –  Upgrade to paperless direct debit
  • Options and Additional Services
  • From 75p each – All standard direct debit letters
  • £2.50 each – Amendments and cancellations to Bacs Records (managed)
  • £2.50 each – Bureau proactive report management
  • From £5.00 each – Duplicate or bespoke reports
  • POA – Fully managed scheduling and/or collection services
  • £35 per hour – Bacs or Direct Debit related professional, design and secretarial services

 

Company Background

FastPay was incorporated in 2008 and has its headquarters in Manchester.  It supplies direct debit solutions to hundreds of clients, including the Daily Mail, the NHS, Concept Vehicle Leasing and many others.  FastPay is a Bacs approved bureau and Bacs Affiliate.  The company’s aim is to take pressure off companies and the need to collect incoming payments, so they can concentrate on growing their businesses.  FastPay says that 50% of their clients have been referred by existing customers.

FastPay Reviews

There are no online reviews for FastPay apart from those on it’s website, it’s therefore not possible at the moment to give a fair Merchant Machine score.

Website:  www.fastpayltd.co.uk

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