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What are advantages and disadvantages of Bacs payments?

Bacs is the number one payment method businesses use to pay their employees or suppliers in the UK. Despite a growing number of alternative payment types, Bacs is the cheapest and most standardized way to make payments, it also comes with negatives such as slow payment times and it is very inflexible.

What are advantages and disadvantages of Bacs payments?
Table of Contents

Advantages

Disadvantages

Alternatives to Bacs payments

Bank to bank payments can also be made through Faster Payments. Faster Payments are instant payments up to the value of 250,000 pounds per transfer, which are cheaper than CHAPS. Most banks charge between 1 and 5 pounds per Faster Payment.

How to get started with Bulk Payments

Sending individual payments is simple, mostly free, and accessible to even very small businesses. When it comes to sending more than a handful of payments it becomes more difficult and you are left with three options:

We at Telleroo are committed to end this era of slow and expensive business payments to eventually level the playing field, and make business payments as effortless as consumer payments.

Top Tip from Telleroo

You are probably aware that keying in payments individually is a nightmare and that you wish you could just import a pay run for your business or clients.

This is now possible using a pay run importer like Telleroo that works with most accounting software files and banking files.

Import payments, schedule and fund, without the hassle of manually keying in your payments.