Most organisations benefit from paying salaries or wages by Bacs Direct Credit – in fact, eight in ten employees in the UK are paid this way. However, there are a wide variety of other applications, where Bacs Direct Credit is the most cost-effective solution, for example, supplier payments, pensions, employee expenses, insurance settlements, dividends and refunds.
What are the benefits of Bacs Direct Credit?
Saves time and administration costs
Preparing, checking and collating cheques with the relevant remittance advice is a time consuming task. With Bacs Direct Credit the creation and authorisation of a payment file is a simple and inexpensive process.
Improved cashflow management
Make your money work for you up to the last minute by knowing exactly when funds will leave your account.
Direct cost savings
With Bacs Direct Credit the use of cheques is eliminated, removing the cost of cheque stationery and reducing postage costs.
Cut down on reconciliation
Bacs Direct Credit generates just a single debit from your account on a specified date, eliminating the need to track individual payments.
Better payment terms
Negotiate more favourable payment terms by paying more efficiently.
Start using Bacs Direct Credit payments for all your payments.