When we make payments to you
There are two changes to when we’ll make settlement payments to you. This is due to a change in the method of how the payments are submitted by our new platform.
The table below shows the days the payments will now be made:
|
Transaction Processed |
Mon |
Tues |
Wed |
Thurs |
Fri |
Sat |
Sun |
|---|---|---|---|---|---|---|---|
|
Payment into your Bank Account* |
Wed |
Thurs |
Fri |
Mon |
Tues |
Tues |
Tues |
*subject to any settlement deferral arrangement in place
The two differences compared with how these were paid previously are:
- Transactions you process on Saturday and Sunday will now be paid into your account on Tuesday, instead of Wednesday.
- Transactions you process on Thursday will now be paid into your account on Monday, instead of Saturday.
We expect many customers will see a positive change overall, and if any customers are concerned that it will have a negative impact on them, then we are here to help.
Frequently Asked Questions
Q When will this change happen?
A The change is effective from Saturday 4 November 2017.
Q Am I better off with this change?
A You’ll get paid for weekend transactions a day earlier and Thursday transactions two days later. So if you take more transactions over the weekend than on a Thursday, this change may be beneficial to your cash flow.
Q Why are you only just telling me about this now?
A We have already told customers about the first change in the lead up to their migration. We’re only telling you about the other change now as we’ve only recently been made aware of it in later phases of testing. We’re sorry we were unable to tell you about this sooner.
Q Does this change apply to all customers?
A No, it doesn’t apply to all customers, only those who bank with Barclays Bank and use our point of sale terminals.
Q Do I need to do anything differently?
A No this advice is for information, although you should note these timescales when managing your reconciliation.
Q I have a deferred settlement agreed so how does this affect me?
A If you have a deferred settlement period in your contract this will still apply, but when payment is released to you it will follow the table above e.g. if it’s due for release on the Monday it will be in your account on the Wednesday etc.
Q I usually take more transactions on a Thursday than I do over a weekend so will this affect my cash flow?
A If Thursday is a peak trading day for you then you’ll see payment for these transactions on a Monday rather than Saturday. If you are worried this could cause you cashflow problems we are keen to support you so please call us on 0800 046 6801 to discuss.
Q I have Direct Debits due to come out of my account on the Monday, will the monies paid in on the Monday cover these?
A It’s possible that any Direct Debits coming out of your account on a Monday could come out before the settlement we pay to you on a Monday is in your account. If your business has very limited cash flow and you are concerned about this then you may want to contact you Barclays Bank Business Manager. Alternatively you can call us on 0800 046 6801 to discuss.
Q Is this a change to my contract?
A No, your payment terms remain the same, it’s just the method that we’re using to pay into your account that is changing.
Q Why are you changing the method of payment you are using to credit my account?
A We have previously used an internal Barclays Bank system to pay Barclays accounts, however this has been de-commissioned by Barclays, so we’re now paying your account using an external bank transfer.
Q I’m having trouble locating my payment, what is the new settlement reference?
A We’ve made a change to our standard settlement reference see barclaycard.co.uk/update for details.