BACS

Direct Credit

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

Direct Debit

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

Further Features

• Easy access via an office-based PC (through a serial port and BACS approved software)
• Direct submission – available through the BACSTEL-IP access channel
• Indirect access – available to smaller businesses who may operate through a bureau
• 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
• Account maintenance – view your submission history, access reports and maintain details of service users and contacts
• Trade Payments can be processed
• Direct Debiting Scheme – paper-based Direct Debit Instructions available (DDI)
• AUDDIS – Automating the process and Paperless Direct Debit available

Complementary Solutions

• Business Current Account

Important Information

• Alternative option – YorPay
• Costs
  • TeleBank® Business – BACS Module
    • Charges are collected monthly with module fee
    • Monthly charge for software
    • Per item charge
    • Overlimit charge
  • 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 Business Manager or Business Advisor for more details
• Terms and conditions
  • Full terms and conditions are available on request