BACS

Direct Credit

• Quality – provides the potential for enhanced trading relationships and customer service
• Flexible – bureau may accept data by fax, telephone, post or electronically
• Extras – additional services such as preparation of payrolls and payslips may also be provided
• Simple – quickly and easily administered

Direct Debit

• Improved management – over date of receipt of payments
• Cost-effective and secure – cheaper than cheques and safer than cash
• Control – you remain in control of the process at all times
• Reliability – guaranteed payments, with automatic reporting of non-payers
• Robust – simple, secure and reliable with the added benefit of less paperwork
• Choice – range of Direct Debit options available

Further Features

• Easy access via an office-based PC (through a serial port and BACS approved software)
• Indirect access – available to smaller businesses who may operate through a bureau
• Direct submission – available through the BACSTEL-IP access channel
• Both Direct Debit and Direct Credit operate on a 3 day cycle. Payment instructions are received on Day 1 (Input Day) and processed overnight for distribution by the banks and building societies on Day 2 (Processing Day). On Day 3 (Entry Day) the amount to be paid or debited is collected. The debit, from the payer’s account, and the credit, which is paid into the payee’s account, occur simultaneously reducing the risk of fraud or error
• Trade Payments can be processed
• Direct Debiting Scheme – paper-based Direct Debit Instructions available (DDI)
• AUDDIS – Automating the process and Paperless Direct Debit available
• Account maintenance – view your submission history, access reports and maintain details of service users and contacts

Complementary Solutions

• Business Current Account

Important Information

• Alternative option – YorPay
• Costs
  • BACS DIRECT-IP
    • Charges are collected quarterly
    • Per item charge
    • Overlimit charge
    • Standard Indemnity for Direct Debit Scheme
  • Standard charges can be found in the interest rates and charges section. Speak to your local Agribusiness Partner for more details
• Terms and conditions
  • Full terms and conditions are available on request