A Bacs payment is a bank transfer from one bank account to another bank account, taking three business days to arrive. However, a Bacs payment can also be a Direct Debit, which is the opposite of a bank transfer - meaning a business pulls money out of a bank account with relevant permission of the other party. Bacs payments are not same-day payments or instant, but it is still the number one bank payment type businesses use in the UK.
The alternative to slow Bacs payments are either CHAPS or Faster Payments. Both are more expensive than Bacs but take significantly less time to sent. CHAPS are same day payments for high value transfers which cost about 20-30 pounds per transfer. Faster Payments charges are much lower, and it is even faster than CHAPS, only limitation is the 250,000 pounds limit per payment.
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.