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Bacs

Regular payments made easy

• Automated regular payments
• Reduces time and cost of administering bulk payments
• Helps manage cash flow and improve financial control
• Reduces risk of loss, late payment and theft
• Potential reduction in bank charges
• Enhanced service quality

What is Bacs?

Bacs is a simple cost effective funds transfer service which enables you to make regular or occasional electronic payments directly into bank and building society accounts.

How it works

Using Bacs is straightforward and can be done in many ways, via different channels:

Corporate Online

Customers can benefit from complete online payment solutions through Corporate Online, for businesses making single and bulk payments up to 2,000 beneficiaries at any one time.

Benefits:

• No software required
• 24hrs a day, 365 days a year availability to make request
• Statements - Customers can view all their payments transactions on line for up to the last 90 days.
• Keyed or imported via a file (up to 2,000 beneficiaries at any one time)

Timescales:
This service uses the Bacs three day payment cycle.

Telephone Banking

Telephone Banking provides businesses with a complete payment solution for single Bacs payments, using the Bacs three day payment cycle.

Bacstel-IP

Businesses making over 200 transactions per month can choose between direct and indirect online access. To submit your payment files directly to Bacs Ltd, from your own site, you'll need a PC, modem and Bacs approved Bacstel-IP software. If you'd prefer not to buy the software, you can outsource the processing of your payment files to an approved Bureau. Either way, the data transfer is fast, secure and reliable, and you will also benefit from online reporting and confirmation receipts. Bacstel-IP software purchase or Bureau fees could prove to be prohibitive for low volume customers.

Bacs Entry

Businesses making up to 200 transactions per month can take advantage of our Bacs Entry service, for Direct Credit only. This service offers an economical payment solution for businesses making a low volume of transactions and it requires no software: you just fax your payment details and we will prepare and process payments on your behalf.

To find out more about any aspect of Bacs, please contact your Relationship Manager, or contact our Bacs Service Unit on 0870 850 0631, or email us at Bacsserviceunit@hbosplc.com

Benefits

• Saves time & administration costs
  Preparing, checking and collating cheques with the relevant remittance advice is a time consuming task. With Bacs payments 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 payments the use of cheques is eliminated, removing the cost of cheque stationery and reducing postage costs.
• Cut down on reconciliation
  Some of the Bacs payment options generate 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.
• Increased safety
  Avoids the risk of theft or loss usually associated with cash and cheques

A range of uses

Bacs isn't just meant for salaries. You can also use Bacs transactions to pay pensions, employee expenses, dividends and supplier payments.

Further information

To find out more about any aspect of Bacs, please contact your Relationship Manager, or contact our Bacs Service Unit on 0870 850 0631, or email us at Bacsserviceunit@hbosplc.com

For information on charges applicable to this service, please go to http://www.bankofscotland.co.uk/corporate/rates-charges/.