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Electronic Payments
Electronic Payment Methods
BACS
This is a payment method that is ideally suited to business-tobusiness (b2b) transactions with regular or repeat customers. BACS payments are usually processed as batches using dedicated software linked in with the bank's system.
As the BACS process is electronic, it removes the need to write cheques, which can be a costly process, subject to human error. Payments can be made much later in a business day, up to 9pm and are cleared within two business days to any bank account. The method is a suitable payment method for customers who are making more than 150 monthly payments and is already used to pay over 70% of salaries of the UK workforce.
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