Payment Methods Explained in 90 Seconds (BACS, CHAPS, Faster Payments) | AAT Level 2
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📅 Or come and meet us first! AAT Level 2 Open Day: Monday 21 September, 18:30 — join in person at our Ealing centre or online. Book your free place: https://sepera.college
BACS, CHAPS, direct debit — every payment method moves money differently, and your AAT exam tests them all. In 90 seconds you'll learn how cash and cheques compare (instant vs days to clear, and why cheques can still bounce), why BACS is the workhorse behind most salaries and supplier payments on a three-working-day cycle, how Faster Payments lands money in seconds, when CHAPS earns its fee for same-day high-value transfers like house purchases, the difference examiners love between direct debits (the receiver collects a variable amount) and standing orders (you push a fixed amount), and how debit and credit cards settle.
This video gives you the map; our Level 2 course is where you practise picking the right method with real exam-style questions — or sit in on how we teach at the open day first.
⏱ In this video:
0:00 Every method works differently
0:10 Cash vs cheques
0:20 BACS — the workhorse
0:30 Faster Payments
0:40 CHAPS — big money, same day
0:50 Direct debit vs standing order
1:00 Debit vs credit cards
1:10 Open day — come and meet us
1:20 Recap + 21 September, 18:30
📚 Part of our AAT Level 2 — Introduction to Bookkeeping (ITBK) series. New episodes every Monday, Wednesday and Friday.
👉 Ready to qualify? Enrol at Sepera College: https://sepera.college
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