Bacs Going From Strength To Strength In 2014
2013 was a landmark year for Bacs. They processed their 100 billionth transaction, and in November 2013 they reached a new record with 98 million transactions (totalling 26 billion) processed in just one single day!
Bacs - almost half a century of payment innovation.....
It has been 45 years since Bacs first started their automated payment methods. Fast forward to today, and they're now processing 6.3 million transactions on peak days. Bacs plays a major part in the UK's financial system and has enabled countless organisations over the years to do better business.
What does Bacs provide?
Bacs processes various types of electronic payments - the two most popular types being Direct Debits and Direct Credits. Let's take a look at these:
1)Bacs Direct Debits allow you to automate your payment collection, whether you are a small business or multinational corporation. Did you know that almost 80% of people in the UK have at least one Direct Debit set up?
2)Bacs Direct Credits are the payment method for over 90% of employees in the UK. It's a service which allows all sizes of businesses to make electronic payments directly into a building society or bank account
Bacs aims to offer convenience, robustness and security and the schemes they offer are constantly being monitored and improved.
So.... what are the benefits?
With Direct Debits remaining the most popular payment method in the UK (more than 3.5 billion transactions were made in 2013), what exactly are the benefits provided by Bacs services?
1)No more risk of delayed cheques so suppliers and staff no longer have to wait for payments - 'the cheque's in the post' excuse has had its day!
2)Reduced bank charges - using Bacs can reduce your charges by up to 80% compared to cash or cheque payments
3)Allows automation of regular payments for goods and services
4)Cost-effective way to deliver electronic payments
5)Reduces administration time
Could 2014 be your year for change?
Bacs is looking forward to an exciting future, and Bacs MD, Michael Chambers, commented recently, "These new figures show that automated payments are as important as ever to UK businesses and households. Direct Debits continue to grow, even with the new payment options now available, and Bacs Direct Credit is still the payment method of choice for employers, pension providers and for benefit payments."
AccessPay is a Bacs approved software supplier and with us, automating your regular debits and payment couldn't be quicker or easier. You can access all the capabilities of Bacs from one easy-to-use dashboard.
Bacs - almost half a century of payment innovation.....
It has been 45 years since Bacs first started their automated payment methods. Fast forward to today, and they're now processing 6.3 million transactions on peak days. Bacs plays a major part in the UK's financial system and has enabled countless organisations over the years to do better business.
What does Bacs provide?
Bacs processes various types of electronic payments - the two most popular types being Direct Debits and Direct Credits. Let's take a look at these:
1)Bacs Direct Debits allow you to automate your payment collection, whether you are a small business or multinational corporation. Did you know that almost 80% of people in the UK have at least one Direct Debit set up?
2)Bacs Direct Credits are the payment method for over 90% of employees in the UK. It's a service which allows all sizes of businesses to make electronic payments directly into a building society or bank account
Bacs aims to offer convenience, robustness and security and the schemes they offer are constantly being monitored and improved.
So.... what are the benefits?
With Direct Debits remaining the most popular payment method in the UK (more than 3.5 billion transactions were made in 2013), what exactly are the benefits provided by Bacs services?
1)No more risk of delayed cheques so suppliers and staff no longer have to wait for payments - 'the cheque's in the post' excuse has had its day!
2)Reduced bank charges - using Bacs can reduce your charges by up to 80% compared to cash or cheque payments
3)Allows automation of regular payments for goods and services
4)Cost-effective way to deliver electronic payments
5)Reduces administration time
Could 2014 be your year for change?
Bacs is looking forward to an exciting future, and Bacs MD, Michael Chambers, commented recently, "These new figures show that automated payments are as important as ever to UK businesses and households. Direct Debits continue to grow, even with the new payment options now available, and Bacs Direct Credit is still the payment method of choice for employers, pension providers and for benefit payments."
AccessPay is a Bacs approved software supplier and with us, automating your regular debits and payment couldn't be quicker or easier. You can access all the capabilities of Bacs from one easy-to-use dashboard.
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