Advice on incorporating bacs into your systems
Bacs, or Bankers’ Automated Clearing Services, is a British scheme for the electronic processing of financial transactions. Taking a traditionally fairly long-winded process and making it fail-safe, reliable and highly efficient, the bacs software revolution has proved highly useful for many businesses. Making use of bacs payments takes much of the hassle out of dealing with debits and credits, meaning that one can devote more time to more important, skill-based tasks. Bacs payments are particularly useful on account of their guaranteed efficiency in terms of speed. A payment made through this method will take three working days to clear. According to the method, they are entered into the system on the first day, processed on the second day, and cleared on the third. Developed as far back as 1968, the…