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Payment limits and how to use them

A:

We’ve recently introduced a new payment limit feature in Bankline that gives you extra control of your outgoings and helps protect your account against fraud and misuse.

The decision to use our payment limit options is yours, but we strongly recommend you set limits that match your business’s needs. Here's what's changed: 

Maximum payment amount

Firstly, we’ve changed the name of the ‘Customer Payment Limit’ to ‘Maximum payment amount’ to better reflect what this limit controls.

‘Maximum payment amount’ is the maximum amount that can be made in a payment at any one time. (For a Bulk payment this will be the total debit amount.)

You may already have set a limit for this. If you haven’t, the default setting will be ‘No Limit’.

Daily gross payment limit

This is a new limit we’ve introduced to help you control your daily outgoings. (It was previously called a 'Gross Payment Limit' and you may have this limit already set by the Bank.)

The ‘Daily gross payment limit’ is the collective value of all payments that can be fully authorised in a single day. The default for this setting is ‘No Limit’, unless a pre-existing limit applies to your account.*

You can also set a ‘Warning threshold’ which triggers a message to the user creating a payment when the selected percentage of your Daily gross payment limit is reached.

For example, if you set your Daily gross limit at £10,000 and set a 75% warning threshold, you’ll receive a warning message when you make a payment that takes you above £7,500.

 

These options sit on the ‘Payment limits’ page, alongside the other Payment limit settings. Bankline administrators can set or change these limits from here. Once set, they’ll apply to all users on your profile.

*Note: if your Bankline profile has a ‘Maximum gross payment limit’ set by the bank, you'll see this stated below the 'Daily gross payment limit' box.

Unlike other payment limits, you can’t change the ‘Maximum gross payment limit’ yourself. If you have a ‘Maximum gross payment limit’ in place, your ‘Daily gross payment limit’ will default to the same amount as your ‘Maximum gross payment limit’.

You’ll still be able to set your own ‘Daily gross payment limit’, but you won’t be able to choose an amount above your ‘Maximum gross payment limit’.

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