Businesses today no longer issue cheques or make manual transfers to make payment. In 2015, more than £4 million worth of payments were made directly from bank to bank using a system known as Bacs, managed by Bacs Payment Schemes Limited. The system used to be known as the Bankers’ Automated Clearing Services and it changed the way businesses operate.
Businesses don’t even have to process Bacs transactions manually. Automated systems and better payment management solutions are widely available and now offer support for Bacs directly. The shift is very interesting, which is why we are going to dig deeper into how Bacs is changing the way businesses operate in this article.
A Streamlined Process
Automation is the hottest keyword in 2017. Businesses and solutions providers are trying to come up with new and more efficient ways of completing a business process or a cycle, and automation is the way forward. Add the fact that we now have artificial intelligence (AI) and advanced algorithms supporting different business functions and automation may indeed be the key to the future.
The Bacs payment system is designed to be compatible with automation in many ways. Businesses that have a SUN (Service User Number) number can quickly set up a payment processing system. The system is designed to process Bacs payments so it can be integrated with other solutions used by the business, including ERP systems, Payroll systems and CRM systems.
The result is complete, end-to-end automation. Whether it is an invoice to clients or payments to suppliers, every part of the payment processing process can be automated. This leads to greater efficiency since each department can have their own budget and approval from mid- to top-level management can be given digitally.
To set the system up, you first need to choose a Bacs software supplier. You can get an online quote for this by visiting https://www.accesspay.com/payments-technology/bacs/. AccessPay are one of the most popular Bacs software providers as their system is quick and easy to set up, and secure to operate.
Access to Multiple Payments
Having a 6-digit SUN number brings a long list of advantages, including access to several payment methods. For starters, Bacs supports Direct Debit, which makes billing clients – even on a large scale – very easy to do. It also supports Bacs Direct Credit, so businesses can now pay employees, vendors, and partners on a regular basis without having to manually do the transfer or input additional payment details.
These two payment methods are more than enough for most businesses. Once the system is connected and integrated with existing business solutions, most – if not all – of the business’s payment needs can be handled from one interface and fully automated.
There are more than 150,000 businesses in the UK that now use Bacs to handle their payments. These businesses have SUN numbers, so you can make or request payments from them through the same network.
It is also worth noting that over 90% of the UK’s workforce gets paid through Bacs Direct Credit. The easy automation and simple management interface are among the reasons why more and more businesses are turning to Bacs for easier payment handling.
Let’s not forget that a SUN number is an asset for any business, as it acts as sponsorship from the bank that you will be covered under the Direct Debit guarantee. Upon submitting your vendor documents, your SUN number will be entered into the system and every payment since they will be executed automatically.
On the other hand, you also have access to over 60% of the UK’s population who said they prefer Direct Debit as a payment method for regular bills. Using Bacs doesn’t just simplify client billing; it also attracts more clients thanks to the extra convenience it offers.
It Gets Better
Last, but certainly not least, Bacs-based solutions are being improved to meet the increasing demands of businesses of today. Payment processing is not only faster but more secure thanks to TLS encryption from end to end. You also get more features with today’s best solutions for managing Bacs payments, including instant setup.
All you need is a SUN number. Actually getting the payment management system installed, integrated, and ready to go takes no more than one or two business days. After that, you can program payments through Bacs Direct Credit or funnel invoices via Bacs Direct Debit. The rest is easy from there.
Bacs is really changing the way businesses operate these days. Now that payment processing no longer requires extensive resources, businesses can focus on what really matters: facing market challenges and maintaining a high level of growth.