Receiving Bacs Direct Credit
It makes business sense to actively encourage all you customers to pay you direct by Bacs Direct Credit, the benefits are numerous.
Payments arrive instantly as cleared funds, so you can use the money straight away. You'll also earn interest earlier too.
Because Bacs Direct Credit payments go straight into your business account, you spend less time handling and banking cash and cheques.
Cash and cheques can go missing.
Money will arrive in your account the day it is expected.
Organisations using Bacs Direct Credit typically pay earlier than those who don't. They also tend not to forget to make payments.
How to be paid by Bacs Direct Credit
Bacs Direct Credit payments are easy to arrange. Simply contact the organisation making the payment to check that they are able to initiate direct payments and supply them with the following information:
- The name(s) on the account
- Your bank or building society account number
- The branch sort code of your bank.
It is important that the correct payment reference information is included with all electronic payments so that you can easily connect the payments you receive to the correct organisations account. Ensure you include the payment reference on all of your bills. Find out further details about payment reference information.
It is also a good idea to put your sort code and account number on all your invoices – and print ‘Pay Me Direct’ alongside.