BACS Payment - A Banking Solution

BACS is the acronym thatrefers to Bankers’ automated clearing services. An automated clearing service is a quick and electronic way of depositing money into your account as well as withdrawing it. The principle idea of is to allow you to be able to contribute your pay cheque directly into your bank account and send cheques to others. Contributions to your account first go to your bank before it is automatically deposited into the chosen account. Paying a cheque online automatically notifies your bank the details of the direction of which bank and account you’re sending it to. The service takes a minimum of 3 banking days with the first day to enter it into the system, the second day to process it and the third day to clear it. 

Insurance bills, utility bills, renting, wages, salaries and pretty much anything else that regards payment can be made simpler than it is. All you need to proceed are your bank details and your account details and voila! Automated technology takes care of the rest. However giving the responsibility of your money to a machine may feel questionable. However, using Bankers’ automated clearing services proves as secure as you would hope. They don’t just say they are trustworthy and efficient. They prove it with a record of literally no errors since the system was created back in 1968. By now I’m sure you’re already on board with the idea. It stands head and shoulders above the rest as a clear choice in payment system. So let’s go into detail as to what’s coming and going with a Bankers’ automated clearing services payment system. 

What can you expect? 

With fully electronic and automated technology you can say goodbye to the mountains of jumbled and tedious paperwork. This can also prove to be a securer and reliable benefit due to the issue of lost cash and cheques. Businesses that use Bankers’ automated clearing services tend to pay earlier and will find it difficult to forget a due payment. Also the use of administration staff in such tasks is no longer needed. Save yourself a significant amount of time, money and desk space. 

As well as receiving payment, making payments is now a simpler, cost-cutting and headache-free process. BACS payments generate a single debit from your account on a specified date so you no longer have to track multiple payments. Eliminate the costs of cheque stationary and postage costs and receive up to the minute notifications on when funds are leaving your account. 

Costs of Bankers’ automated clearing services vary according to your bank. Many banks offer the system free of charge whereas others charge a small fee for a file and transaction. You will have to contact your bank relationship manager to negotiate any charges applicable to your business.