Bacs
Regular payments made easy
What is Bacs?
Bacs is a simple cost effective funds transfer service which enables you to make regular or occasional electronic payments directly into bank and building society accounts.
How it works
Using Bacs is straightforward and can be done in many ways, via different channels:
Business Internet Banking
Customers can benefit from making single Bacs payments online through Business Internet Banking. Businesses can have up to 50 beneficiaries set up online at any given point.
Benefits:
-
No software required
-
24hrs a day, 365 days a year availability to make payment requests
-
Statements - Customers can view all their payments transactions on line for up to the last 90 days.
Timescales:
This service uses the Bacs three day payment cycle.
Please click here if you are registered for Corporate Online (COL) and would like to know about Bacs payments through COL.
Telephone Banking
Telephone Banking provides businesses with a complete payment solution for single Bacs payments, using the Bacs three day payment cycle.
BACSTEL IP
Businesses making regular high volume BACS payments (over 200 transactions per month) could opt for a more direct processing route. BACSTEL-IP offers a direct and indirect service. You either submit your payment files directly to Bacs Ltd, from your own site; you'll need a PC, modem and Bacs approved BACSTEL-IP software or if you'd prefer not to buy the software, you can outsource the processing of your payment files to an approved Bureau. Either way, the data transfer is fast, secure and reliable, and you will also benefit from online reporting and confirmation receipts. BACSTEL-IP software purchase or Bureau fees could prove to be prohibitive for low volume customers.
Bacs Entry
Businesses making up to 150 transactions per month can take advantage of our Bacs Entry service, for Direct Credit only. This service offers an economical payment solution for businesses making a low volume of transactions and it requires no software: you just fax your payment details and we will prepare and process payments on your behalf.
Bacs payments offer security, reliability and more certainty of fate than either cash or cheque clearing. Businesses benefit from certainty of payment, as Bacs enable businesses to automate and streamline their payment requirements.
To find out more about any aspect of Bacs, please contact your Relationship Manager, or contact our Bacs Service Unit on 0870 850 0631†, or email us at Bacsserviceunit@hbosplc.com
Benefits
Preparing, checking and collating cheques with the relevant remittance advice is a time consuming task. With Bacs payments the creation and authorisation of a payment file is a simple and inexpensive process.
Make your money work for you up to the last minute by knowing exactly when funds will leave your account.
With Bacs payments the use of cheques is eliminated, removing the cost of cheque stationery and reducing postage costs.
Some of the Bacs payment options generate just a single debit from your account on a specified date, eliminating the need to track individual payments.
Negotiate more favourable payment terms by paying more efficiently.
Avoids the risk of theft or loss usually associated with cash and cheques
A range of uses
Bacs isn't just meant for salaries. You can also use Bacs transactions to pay pensions, employee expenses, dividends and supplier payments.
Further information
To find out more about any aspect of Bacs, please contact your Relationship Manager, or contact our Bacs Service Unit on 0870 850 0631†, or or email us at bacsserviceunit@hbosplc.com
For information on charges applicable to this service, please go to http://www.bankofscotlandbusiness.co.uk/importantinfo/charges.asp.
|
