August Bank Holiday is fast approaching and Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit and Bacs Direct Credit in the UK, is reminding businesses to plan ahead to avoid missing important payment commitments.
Bank Holidays are non-processing days - that means payments scheduled to be made on Monday 27 August, such as salaries or payments to suppliers and customers, will not be processed so business owners and finance teams must submit payments earlier to accommodate that.
For example, if funds are due in accounts on Tuesday 28 August, then the payment process must begin no later than Thursday 23 August. For payments scheduled to credit accounts on Wednesday 29 August, then payment files must be submitted no later than Friday 24 August.
To help businesses plan for Bank Holidays, Bacs, which is a subsidiary of leading retail payments authority, the New Payment System Operator, has produced a processing calendar giving details of all the important non-processing days in 2018. This can be found here: www.bacs.co.uk/processingcalendar.
In addition, Bacs has also compiled a handy checklist of essential tips and recommendations
for business owners who may be away during the summer holidays, including:
- Making sure you have nominated someone to maintain all the essential actions that need to happen each month between your business and Bacs while you are away
- Ensuring that someone in the business understands what needs to happen if payments, such as salaries, are to be made automatically while you are topping up your tan
- Making sure that cash keeps flowing while you are away by removing your reliance on other people to pay in cheques: contact key customers now and ask them to pay via Bacs Direct Credit - the funds will be cleared straight into your account.
A full list of Bacs’ holiday tips can be found here.
For further information contact our press office.