Many of you will already know what I’m about to explain. Many of you will have used BACS Payment system at some point even if you didn’t realise. To best explain, we’ll scrap the acronym for a second. Bankers automated clearing services. The key word in there is automated. BACS was created to make the transfer of funds an electronic and automated process thus eliminating need for administration, paperwork, time and effort.
So when you make or receive a payment such as:
• Credit Card transactions
• Online shopping
• Wages and salaries
• Insurance bills
• Utility bills
• Supplier payments
• Pensions
• Inland Revenue
You can have money automatically added or deducted from your account without you or any other human having to involve themselves. The process takes 3 banking days to firstly enter it into the system, process it and then clear it.You just have to include details of your bank and account number to use the BACS payment system and it will keep record of it forever until you wish to change it. Then when you identify the details of where you would like a payment to be directed, it will keep a record of them. You then agree a regular date and amount and it will take the same amount on the same date every time until the payment is cleared or you wish to make an alteration. If the receiver of the payment wishes to make a change then you will be instantly notified by your bank on how to proceed. This makes for no surprises. Again you can make changes at any time as well as cancelling your BACS payment system altogether.
BACS payment system can be used by any industry including Banking, Financial services, Cashback firms, Insurance companies etc. It also can benefit an organisation regardless of its size or nature. Larger businesses benefit most with it saving plenty of time, money and resources needed for the vast number of transactions made each day. BACS is reliable and easy to set up whilst having a record of no errors since it was formed in 1968. Benefits of using BACS include:
• Save time, cut costs
• Improved cashflow management
• Highly secure
• Regular automated payments that need little attention
• Less risk of loss or chasing late payments
So when you make or receive a payment such as:
• Credit Card transactions
• Online shopping
• Wages and salaries
• Insurance bills
• Utility bills
• Supplier payments
• Pensions
• Inland Revenue
You can have money automatically added or deducted from your account without you or any other human having to involve themselves. The process takes 3 banking days to firstly enter it into the system, process it and then clear it.You just have to include details of your bank and account number to use the BACS payment system and it will keep record of it forever until you wish to change it. Then when you identify the details of where you would like a payment to be directed, it will keep a record of them. You then agree a regular date and amount and it will take the same amount on the same date every time until the payment is cleared or you wish to make an alteration. If the receiver of the payment wishes to make a change then you will be instantly notified by your bank on how to proceed. This makes for no surprises. Again you can make changes at any time as well as cancelling your BACS payment system altogether.
BACS payment system can be used by any industry including Banking, Financial services, Cashback firms, Insurance companies etc. It also can benefit an organisation regardless of its size or nature. Larger businesses benefit most with it saving plenty of time, money and resources needed for the vast number of transactions made each day. BACS is reliable and easy to set up whilst having a record of no errors since it was formed in 1968. Benefits of using BACS include:
• Save time, cut costs
• Improved cashflow management
• Highly secure
• Regular automated payments that need little attention
• Less risk of loss or chasing late payments
0 comments:
Post a Comment