Finance and Accounting Services
BACS Payment Services
BACS direct debits, direct credits and faster payments. Full BACS payment services instruction and processing, along with enhanced validation for multiple customers.
Inefficient payment processing can disrupt cashflow and service
Considering BACS payment services? The ability to receive payments and pay suppliers or staff quickly and efficiently is imperative for any business.
However, leaving customers to pay by cheque or bank transfer (any ‘push’ payment method) will inevitably lead to higher debt and cashflow issues, as customers take more time to pay or forget. Reconciliation and allocation of payments also takes time.
Likewise, paying suppliers or staff with bank transfers each month can take time and resource to ensure details are correct and processed. Perhaps that is why BACS payment services (direct credits and ‘pull payments’ direct debits) remain the most popular, timely and consistent method of payment in the UK.
However, it requires software to submit directly to BACS, which may be costly and too complex for some businesses. Even if you have software, input takes time and sort code and account details may not be validated. This frequently leads to mistakes and failed payments, causing many problems and taking time to resolve. Increased fraud requires validation and failure to do so may cause regulatory issues.
Given the importance of payments, even large organisations who validate in-house, need to have a third party BACS contingency, to minimise risk.
BACS transfers take three days to make or receive payment. For some customers or in some instances, payments need to be done faster. This is possible via the faster payments service which may require a specialist third party BACS bureau to implement.
For those looking for BACS payment services, Parseq can remove all these considerations and make it easy for you.
Key challenges of payment processing and BACS direct debits and direct credits
Costly Mistakes
Input and processing is open to mistakes. Unsuccessful or incorrect payments can have severe consequence and take time to fix.
Late/missed payments
Validation issues can affect timing of payments and cause significant problems with those expecting payment.
Time
Many customers demand same-day payment. Using faster payments is necessary.
Complex
Software required to submit directly to BACS is costly and can be complex. It may not validate data.
Fraud
Increasingly sophisticated fraud requires validation and additional security
Compliance
Mistakes and non-adherence to compliance, can result in fines and penalties.
Our capabilities
Make recurring payments, quicker, easier and more secure
Bacs payment services. Whether you need customer direct debit setup, faster payment or high volume payroll, we make it, quick, accurate and compliant.
We provide secure, accurate BACS payment services to the UK banking, corporate and SME communities. Through our systems, payments are processed with a value exceeding £15 billion annually. UK banks and more than 75,000 of their customers use us to deliver over 24 million sensitive, time critical payments accurately and on time every year.
As a long established and highly commended BACS accredited and approved bureau, we offer traditional bureau services for BACS credits, Bank Grade services for banks to process BACS credits. We also offer a range of BACS contingency payment services to mitigate risk for when the unexpected happens. This ensures you and your beneficiaries remain unaffected and payment processing can still be processed on time.
For many of our clients we process the BACS payment of their entire payroll, so their staff are assured of timely, consistent payment. This can be linked to our other full payroll services. For others we provide a quick customer direct debit setup option, to reduce the timescale for when the first collection can be made, thereby helping cashflow.
The system is swept daily to identify any new instruction and any payments due for collection. These instructions are automatically captured and sent to BACS.
Our highly automated matching and validating of data means less chance of rejected payments, thereby saving time and additional cost. We get the latest bank account and sort code data every day for accurate validation.
We are immediately alerted to any exceptions, so that they can be more quickly resolved. Our systems and protocols also reduce the risk of fraud and ensure regulatory compliance. A full audit history of transactions is supplied.
We also offer a faster payments service for those that need a very quick but secure payment service.
Whatever your payment service needs, if you have recurring payments we can provide you with fast, secure and compliant solution, that makes it easier.
Accredited BACS bureau
Traditional bureau services for BACS credits, Bank Grade services for banks to process BACS credits, contingency payment services.
Contingency BACS service
On-demand payment submittal service, no need to schedule. Multi format submissions. Fully RTI compliant, meaning that you will not be penalised by HMRC.
Direct debit management
Setup, collection and management solution, including paperless direct debits. Production and despatch of customised scheme letters.
Automatic validation
Automatically matches and validates sort code and account details against latest bank details.
Exceptions handling
Where non matches occur that cannot be resolved locally, exceptions are routed via email notifications and escalation rules.
Faster payments
Provision of faster payments services, for near immediate/ same day payment.
Payroll
Full payroll BACS processing. Can be integrated with other payroll services.
Audit
Full payment and transaction audit history.
The benefits
Cashflow
Consistent timely payment
Planned consistent recurring payments. Reduce debt days.
Saving
Time, resource, money
Less time to process. Faster cycle. Faster setup. Reduced in-house costs.
Compliance
Secure and compliant
Secure, encrypted, validated. Audit history. Less chance of fraud or regulatory issues. View our certifications here.
Fewer mistakes
Accurate validation
Validation lessens errors and ensures more payments succeed. Any exemptions are flagged and more quickly resolved.
Speed
Same day
Ability to do near immediate/same day payments, with faster payments.
Reduced risk
Peace of mind
Ensure payments are made no matter what. Full contingency back up, with no need to schedule.
Case study
White labelled BACS service improves the customer experience for leading bank
The customer service experience was improved by our automated processes and enhanced Ml audit and reporting capability.
Other services you may also be interested in
Cash Allocation
Multiple payment channels allocated to appropriate customer accounts through automated or manual activities
Payroll and HR Consultancy
Payroll and taxes calculation and processing including associated reporting, with HR admin consultancy.
Talk to us about BACS payment service today
Want to find out more? We would be happy to discuss your organisation’s challenges and how Parseq’s solutions could quickly provide you with real value.
