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How to avoid making errors when sending Faster Payments

Published 19 June 2016 by

Whether you’re paying your Mum back for that £20 you borrowed or a flatmate your share of the rent, it couldn’t be easier to send an electronic payment.

The most common way to make a one-off payment is as a ‘Faster Payment’. Most of these payments go through without a problem, but if you enter the wrong information, you could see your money sent to the wrong person.

To make sure this doesn’t happen to you, let’s look at how to avoid a payment mistake.

What are Faster Payments?

Before we do, let’s first make sure you know exactly what a Faster Payment is. It’s a one-off payment that sends as soon as possible through the ‘Faster Payments Service’.

The majority of Faster Payments will go through quickly without any problems. thinkmoney customers can set up Faster Payments and send them via Online Account Management or to existing recipients from the thinkmoney App.

As part of our plan to bring you a new, even better thinkmoney, you will be able to send even quicker Faster Payments soon. You can find out more about this in our blog.

How do I send a Faster Payment?

As a thinkmoney customer you’ll need certain payment details to process a Faster Payment. These will include the following:

• payee name,

• sort code, and

• the account number.

You’ll then need to enter a payment reference. This is an explanation of the payment that you’re making. For example, if you’re paying a friend for a concert ticket, you could simply put your name followed by ‘concert’.

If you’re paying a company or into a building society, your reference will be a unique number or letter combination. You will usually find this on your bill or statement.

Make sure you have all of this information to hand before making a Faster Payment and check the information before you proceed. We’ll then save the information of this payee, so if you ever want to send money to that account again you’ll be able to do it quicker.

Need more help?

If you would like more information on how to avoid a payment mistake, a new guide is available from Payments UK.

The guide offers advice on avoiding errors when you send electronic payments and what will happen if you accidentally send a payment to the wrong place. It’s part of Payment UK’s Pay Your Way campaign.

To read the full ‘How to avoid payment mistakes’ guide, click here.

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