Bacs is a preferred payment method for may businesses, with over 90% of UK employee's payed by this way. Why? Simply, because it's cost-effective and easy to use.What is Bacs?
Bacs is a way of sending money from one bank to another in a secure way. It can be used for both taking payments and making payments. If you require regular payments to be made to you, you can use Direct Debit as an agreement between the bank and sender to take money from their account on agreed dates. This means that payments are consistent and not missed due to human error. If you require money to be paid out, typically to pay wages or pensions, you can use Bacs to set up these payments an ensure they are securely sent. To send money by Bacs or to request Direct Debits, you will need to use Bacs approved software. Read more about Bacs here.
What is Bacs Approved Software?
Approved software is a solution for users to make payments through, which has been verified by Bacs. In order to be approved by Bacs, the software must be put through tests and inspections before they are able to be put on Bacs' approved users list. Software can only be put on the marketplace once it has been approved, meaning users can be confident that it is secure.
Is There a Faster Way to Pay?
While Bacs is an easy way to pay, the payments take three days to clear, from input to receiving payment. It can also be quite time consuming to input data for each individual payment. A great way of speeding up this time is to use an approved piece of software to make Bacs payments on the go. An app like Access Pay allows the user to make payments on their phone, so are able to complete these tasks quickly and efficiently.
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