Ways to pay

Whether you're paying for goods or services in-store or online, discover the method of payment that best suits your needs.

Bacs

Bacs is an automated electronic system used to collect Direct Debits and/or send Direct Credits from one bank account to another over a three working day clearing cycle. The service is operated and managed by Bacs Payment Schemes Limited.

This is a cost-effective way to send payments.

International payments

When your business is dealing in an international marketplace, you need to be confident in the knowledge that your financial transactions will be dealt with quickly and efficiently. Which is why we can help you resolve any international banking needs using a range of services, SWIFT, SEPA, US Structured payment, Real Time Euro payment (TARGET2)

Confirmation of Payee

Confirmation of payee is an account name checking service. It helps make sure that when you set up a new payee the payment is sent to the right person or business.

It could also help to avoid scams. ‘Authorised push payment' scams happen when you are tricked into authorising a payment to an account controlled by a scammer. Account name checking services help make sure accounts are genuine.

Confirmation of payee works by:

  • matching a payee's name to the one on their account
  • letting you check the name before sending a payment
  • explains the risk of making a payment when the name doesn't match.

Sending a Payment

For now there is no change to the way you will set up new payees, or make payments to existing payees either online, over the telephone or in branch. You should still ensure that you are confident that the person you are sending money to is who they say they are.

Receiving a Payment

If you're expecting a payment from a person or business, it's important they use the right details.

Remember, someone might not send a payment if the name they use doesn't match the one on your account.

Make sure they have your:

  • full account title, which is how it appears on your bank statement
  • sort code
  • account number.

However for example if your company is called ‘Joe Bloggs T/A Bloggs Cleaners’, and the sender uses ‘Joe Bloggs’ or ‘Bloggs Cleaners’ this would be considered a match.

For registered charities, if the ‘RC’ and full registered charity number isn't entered, for example a charity called ‘Jones Trust Limited R/C 123456’, only ‘Jones Trust Limited’ is entered this will be considered a close match.

Faster payments

You can use the Faster Payments Service to make either immediate or future-dated transfers and bill payments, as well as standing orders.

Standing order and future-dated payments will only be processed on normal business working days.

Your payment should normally reach the beneficiary's account immediately.

Ways to make a Faster Payment

  • Business Online Banking - A convenient way to make a faster payment.
  • Telephone - Make a faster payment by calling our award winning Business Customer Services.

For more information on the benefits of Faster Payments please visit:

Faster Payments website

There may be an instance where a Faster Payment won't be received by the beneficiary until the next working day or the payment may be rejected by the receiving bank. Therefore, if your payment is time-critical or is typically high value, we would recommend using CHAPS (for which an ancillary change would be levied).

CHAPS

CHAPS (Clearing House Automated Payment System) is a method of making same-day electronic sterling transfers, for critical and large amounts, to clearing banks in the United Kingdom.

If you have the CHAPS option within your Business Online Banking package then you can send payments online up to 5:30pm. For some customers these will need to be approved by a signatory, so will require a minimum of 2 users.

For all other customers your requests received before 4:30pm will be processed the same day – after 4:30pm, it will be processed the next business day.

Once a CHAPS payment has been sent, it cannot be returned.

Please refer to your Business Current Account tariff for CHAPS Charges

To arrange to send a CHAPS payment:

All requests need to be signed in accordance with your account mandate and on Business letter-headed paper.

For help with making payments online take a look at our FAQs

Debit card

Whether you need to pay for travel, hospitality or something for the office, there’s nothing more convenient than a debit card as the money comes directly out of your account, meaning you stay in complete control of your finances.

Here are some of the other ways our business debit card could benefit your business:

  • flexibility to pay for goods and services anywhere in the world, without the hassle of writing cheques or withdrawing cash*
  • freedom to issue up to 20 debit cards to whichever employees you want
  • peace of mind that you can withdraw cash from a network LINK cash machines in the UK (a small fee may apply to some ATMs)
  • worldwide access to your money, by withdrawing cash from any cash machine displaying the Plus symbol*
  • enhanced security through Chip and PIN technology.

*2.75% non sterling transaction fee on purchases in foreign currency. There may also be a 2% (Min £2) handling charge on foreign currency cash advances

Cheques and Cash

You can use our network of branches for any cash and cheque deposits. Simply take your paying in book and the cash or cheques you want to pay in to your nearest branch.

You can also send cheques in the post to:

The Co-operative Bank p.l.c

PO Box 12672

Sandringham House

Sandrington Avenue

Harlow

Essex

CM20 9QR

Never send cash through the post.

Alternatively, you may find it more convenient to deposit cheques and cash over the counter at any one of more than 11,000 Post Offices® using our Post Office® paying-in scheme.

Cash can be deposited at any Post Office® by debit card or cash deposit slip up to a maximum of £10,000 per week (of which a maximum of £250 per day can be coins) without prior arrangement.

Please be advised that some Post Office® branches can only accept cash deposits of up to £2,000 per day.

If you are likely to deposit over £10,000 cash per week and/or require a Change Giving facility you will need to call Business Customer Services to register with the address of your preferred Post Office® branch. Please allow up to three weeks for the arrangements to be made. There may be a nominal charge for this service. Please refer to your tariff.

You will need a paying in book and Post Office® envelopes for any cheques that you want to pay in at the Post Office®. Contact one of our customer advocates to order these items.

For more information on how to utilise Post Office® services, please read the Post Office® Guide.

At The Co-operative Bank, we offer a swift and efficient bulk cash processing service. If you wish to use this service, please contact your Relationship Manager.

We also provide prepaid envelopes so that you can send your cheques directly to our central processing centre. Just make sure you include a paying in slip with your cheques. Contact one of our customer advocates to order these items.

Standing orders

You can set up a standing order either by contacting us over the phone or through your online banking.

We're sorry but we no longer accept requests to set up standing orders by post.

To set up a new standing order through your online banking please follow these simple steps:

Please note: you can only set up a standing order to a beneficiary you have added previously. You can 'Add a new beneficiary' from the 'Move money' section on your online banking home screen. Please see the online banking user guide for further guidance on how to do this.

  1. Log in to online banking
  2. From the dashboard, on the left hand side under 'Move money', select 'Make a UK payment'
  3. Under 'Frequency of payment', select 'Recurring'
  4. More options will then display under 'Frequency', select which one you'd like
  5. Set 'Date of first payment', this can be a date in the future
  6. If you know how many payments you want to send, complete the 'Number of instalments' field. Alternatively select the date when you want the final payment to be sent
  7. If you want this payment to go out until you cancel it, leave the end date and number of instalments fields blank. This payment will continue until cancelled by you
  8. Select which account you want to make the payment from
  9. Select which existing beneficiary you want to send the payment to
  10. Add the amount you want to send
  11. Click continue
  12. Check that all the payment details are correct
  13. Click submit.

To check your payments have been made and processed go to your dashboard and click on your payment calendar. You will see all payments with their status displayed underneath.

Not found what you're looking for?

Contact our support team