| Summary BACS is ideal for making regular automated payments to repeat customers. It helps those who are making more than 150 monthly payments to manage cash flow. It reduces the likelihood of human error. |
This payment method is ideally suited to business-to -business (b2b) transactions with regular or repeat customers. It is already used to pay over 70 per cent of salaries of the UK workforce. BACS payments are usually processed as batches using dedicated software linked in with the banks system. Currently these payments can be facilitated directly through a business bank via a “file” of transactions or via dedicated software that links to the bank accountmaking the payment.
The advantages of BACS
- Regular automated payments
- Reduces time and cost of administering bulk payments
- Helps manage cash flow and improve financial control
- Reduces risk of loss, late payment and theft for customers
At the enterprise level, BACS can be integrated with an e-commerce b2b purchasing system to allow automated settlement of accounts between organizations.
Benefits:
As the BACS process is electronic, it removes the need to write cheques, which can be a costly process, subject to human error. Payments can be made much later in a business day, up to 9pm and are cleared within two business days to any bank account.
The payment method is suitable for customers who are making more than 150 monthly payments.
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