Banks Automated Clearing System (BACS)

 

BACS is ideal for making regular automated payments to repeat customers. It's suited to business-to -business (b2b) transactions with regular or repeat customers (more than 150 monthly payments)

Currently these payments can be facilitated directly through a business bank via a “file” of transactions or via dedicated software that links to the bank account making the payment. At the enterprise level, BACS can be integrated with an e-commerce b2b purchasing system to allow automated settlement of accounts between organisations.

The advantages of BACS:

  • Regular automated payments
  • Reduces time and cost of administering bulk payments
  • Helps manage cash flow and improve financial control
  • Merchants can manually screen orders as they come in and reject risky transactions
  • Reduces risk of loss, late payment and theft for customers

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