What is a payment cut-off time? When a transfer counts as today
By SendPay Business · · 2 min read
A cut-off time is the latest time in a day that a payment can be sent and still be processed that same working day. Anything sent after it is usually handled on the next working day.
Why cut-off times exist
Many payment systems only run during set hours, and banks need time to check and send payments before those systems close. In the UK, CHAPS runs on working days and closes in the late afternoon, while international transfers also depend on the opening hours of banks in other time zones.
Weekends and holidays
Payment systems that only run on working days do not process payments at weekends or on public holidays. A payment sent on a Friday evening may not arrive until Monday, or later after a bank holiday. Instant systems such as Faster Payments run all the time, so they are less affected.
Avoiding late payments
- Check your provider's cut-off time for the type of payment.
- Allow for time zone differences on international payments.
- Send important payments a working day early before weekends and holidays.
- Keep the confirmation in case the payment is questioned.
Where SendPay fits
SendPay platforms let your customers hold GBP, EUR and USD and send transfers under your own brand, powered by licensed partners. SendPay tells you in writing which licences apply to your platform before you pay.
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This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. PayPal, Patreon and Substack are named as reference points only and are not affiliated with SendPay Business.