Bacs is considered to be one of the safest, most efficient and hassle-free methods to make electronic transfers. It is estimated that billions of people in UK have leveraged from this simple payment system.
Businesses that have a progressive approach can opt for Bacs Direct Credit. The payment solution is a pragmatic system for businesses regardless of size, making it easier for them to send and receive payments.
Initially, Bacs was used by businesses to process the salaries and wages of employees. However, it is now being used by businesses for a variety of purposes including disbursing pensions, managing employee expenses, paying insurance premiums, paying dividends to shareholders or issuing refunds.
Today, many businesses are still stuck with a conventional approach where they pay their employees and vendors via paper cheques. Thus, if you are one of those businesses then you may be aware of the challenges a paper cheque poses. Some of the common issues related to paper cheques are little financial control and poor visibility. This not just affects your credibility and professional relationships, but can also affect the stability of your business. Delayed payments are a bigger burden on your employees who manage their expenses with their salaries. Thereby, you get on the verge of losing your important human resources.
All these factors affect the credibility of your business, intensifying the need of an efficient payment system like Bacs Bureau.
If you are still contemplating a Bacs approved software for your business, here are a few of its many benefits:
All businesses desire a secure payment system to overcome and minimise the chances of online theft and fraud. With Bacs Bureau, businesses can ensure that all transactions are governed within a safe and secure environment. Generally, a payment file takes 3 days to process. This gives businesses time to report a discrepancy. However, even if your payment is processed businesses can leverage from Bacs Debit Guarantee which ensures an immediate refund in case of fraud. Thereby, businesses can prevent themselves from losses and improve their bottom line by deploying such a system.
- Avoid Extra Fees
When a business makes use of Bacs Bureau, they cut down on the extra and unnecessary bank charges. Such a system is extremely efficient reducing your operational costs to a great extent. The process is governed online where only the Bacs transaction fees needs to be paid, whereas initially, bank charges and other costs were also involved.
You need to be careful with the Bacs provider you choose, as not everyone will have fixed costs. One system that I’ve found which does offer this is the Bacs Approved Bureau solution by Access Pay. They give you a fixed annual fee, no added transaction fees and free upgrades, all of which you can look into here: https://www.accesspay.com/our-solutions/bacs-approved-bureau/. Some suppliers will tie you into a contract and then bombard you with a number of fees that had never been discussed, so always research the provider and speak with them in depth.
Moreover, with such a system the business can go paperless in terms of its transactions. Thus, you not only play your part as a responsible and eco-friendly business, but also bolster your bottom line.
- Reduced Cost
Human resource is generally needed to manage and make payments. This makes the overall process vulnerable and prone to human error. However, with Bacs payments you can simply automate the entire process with little human intervention required.
Furthermore, as all the payments will be processed in bulk, it saves a substantial amount of time enabling the business to focus on other endeavours. This way you can utilise your resources better by focusing on areas that can drive revenue for the company. Therefore, a single process implementation will reduce your overall costs associated to payments.
- Cash Flow Control
A prospering business maintains a healthy and efficient cash flow system. It is important to monitor, implement processes and ensure the security of your business’s cash flow. With Bacs payments, businesses can leverage from an improved forecasting and cash flow transparency. Thereby, businesses have observed a substantial surge in their profitability by controlling their cash flow.
Processing your payments is easier than ever with Bacs. Today, businesses in the United Kingdom have swiftly switched to Bacs Bureau due to the convenience and efficiency it offers. Moreover, it also considerably improves your bottom line making it greater value for money.