Payment methods Bacs remains the payment method of choice, regardless of the frequency of the payroll being operated. Faster payments remain the second most popular payment type, but payroll professionals will be aware that they, along with CHAPS payments, are regularly used where there is a shortfall in an employee’s payment and they need to be paid correctly, and in a very short space of time.
It is highly unlikely that this would be a business’s primary pay method due to the associated costs per transaction.
The practice of paying employees by cash seems to be dwindling, as even less respondents than those recorded in 2019 confirm that this is a method their organisation uses to pay its staff.
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C I PP POL I CY AND RESEARCH TEAM PAYSL I P STAT I ST ICS COMPARI SON 2008 -2021
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