The increasingly popular Bacs and its payment services are helping businesses in the UK process payments faster and more efficiently.
The two main features offered by Bacs, Bacs Direct Debit, and Bacs Direct Credit, can be integrated with existing business solutions with the help of Bacs bureau, allowing further payment automation and efficiencies.
The two services aren’t the only type of service available to businesses. With a valid business registration, your business also gains access to Faster Payments, another payment solution that promises instant settlement and a wide range of other benefits.
Faster Than Bacs
Faster Payments, as the name suggests, is a faster payment solution. Traditional Bacs payments are processed in three business days. Payment requests and details are submitted on the first day. Those requests are then processed by Bacs and payment orders are then prepared for each of them. On the third day, transfers of funds are executed accordingly.
With Faster Payments, the process is much faster than that. All three steps can be completed in as little as an hour. Transactions are settled immediately instead of after three days, so you can make payments faster than when you process them using Bacs Direct Credit.
There are three things you need to make payments using Faster Payments. You need the account number of the recipient, the associated sort code for the account, and a reference so that the recipient can identify the source of payment.
Easy to Integrate
The best competitive advantage to pursue today is efficiency. The more efficient your business operation is, the more competitive you will be. Integrating Faster Payments with your business workflow lets you set up a payment system and forget about it.
Faster Payments integrates well with existing business solutions. You can use the help of approved bureaus that offer a Faster Payments Service using their own proprietary software to make the whole process of integrating payment processing even simpler. Once integrated, you instantly save a lot of time and money by processing payment requests automatically. An example of such software can be seen at AccessPay: https://www.accesspay.com/payments-technology/fasterpayments/. Their Faster Payments Service is an extremely efficient, secure, cloud-based solution for businesses.
Today’s businesses need to be agile and fast-reacting. You can make your business more agile with the help of Faster Payments’ 24/7 availability. Instead of handling heavy loads of multiple invoices during work hours, for instance, you can set the system to process payment requests at night when the IT system is idle.
This type of implementation isn’t just more efficient; it is also very manageable. You can still approve payments before they are executed or have more control over the kind of payment requests that can be sent via the system. The Faster Payments software will handle the rest for you.
There is no such thing as being too careful when it comes to business finances. Thanks to the use of end-to-end encryption and advanced IP security, the safety of your payment information is not something you need to worry about at all.
There are also layers of protection in place. Each payment is subject to multiple legal protections that are put in place to minimise fraud and help your business stay protected at all times. You can even use Faster Payments’ security standards and best practices to further strengthen your business’s internal computer security.
Last, but certainly not least, there’s the fact that Faster Payments are immediate. Every transaction is executed straight away and gets settled almost immediately, which means you always have the latest, most up-to-date account balance. This makes monitoring your business finances much easier.
The real-time nature of this payment solution also makes it very robust. You can control your cash flow better, schedule payments to meet the needs of your business, and handle everything from a centralised console.
Integrating Faster Payments allows your business to enjoy these benefits, and many others, right away. All you have to do to get started is find a suitable Faster Payments software solution to use according to the needs and requirements of your business.