7 Key Advantages of Using Bacs Over Old Payment Processes

7 Key Advantages of Using Bacs Over Old Payment Processes

Businesses that are committed to their growth ensure that their finances are managed strategically. Today, managing invoices and payrolls manually have become obsolete. A new system that has gained significant momentum is known as the Bacs Payment Schemes Limited, initially referred to as the Bankers’ Automated Clearing Services. With such a system, businesses can manage their financial transactions safely.

Earlier in 1968, Bacs payments were introduced in the United Kingdom. The primary concept behind such a system was to come up with a safe and efficient way to process financial payments and simultaneously manage the fiscal requirements with utmost convenience. With such a system, you can paperless payments directly to the bank. Similarly, it curbs the need for cheques or paper-based transactions.

Since the popularity of Bacs, billions of financial transactions have been made. Thereby, the payment method is considered to be a safe and reliable mechanism to make transfers.

Initially, conventional payment methodologies were used for processing transactions. However, with Bacs payments the overall electronic funds transfer mechanism has become smooth and hassle-free. Such a system helps in automating and evolving conventional financial processes.

If you are still indecisive, here are a few benefits of Bacs payments over old payment processes:

  • Enhanced Security

The first concern of businesses while conducting financial transactions is the fear of being scammed. Thereby, businesses are constantly on the run for reliable financial services and systems that can be trusted. With Bacs payments, businesses and individuals get enhanced security for the financial transaction. An example of this can be seen through the AccessPay Bacs payment system (http://www.accesspay.com/payments-technology/bacs/) which is protected by TLS encryption between your computer and Bacs.  This system is closely and regularly monitor to ensure all data is secure, so you needn’t worry about any breaches.

  • Automated System

Time is of essence in the corporate fraternity. Businesses are constantly striving hard to drive growth and identify opportunities that will ensure stability in the long and short run. By focussing on insignificant tasks like paying pills or generating payrolls can affect the overall productivity. Therefore, with Bacs payments system you can swiftly make payments giving you time to focus on important and fruit bearing tasks.

  • Improved Efficiency

Businesses that make use of old payment processes tend to exploit their resources. For instance, processing payments in bulk is a rigorous process where your human resource has to spend substantial amount of time to ensure that the payments are managed efficiently. On the contrary, with Bacs payment systems you can process payments in bulk without exhausting time and energy of your resources. This way your human resource can focus on other financial aspects that can improve your bottom line.

  • Avoid Unnecessary Charges

Generally, businesses are forced to pay banking charges or unnecessary fees when they opt for conventional banking processes. However, with a Bacs payment system the need to make such payments goes down substantially. As businesses are always looking for efficient systems that reduce their operating costs, investing in a payment management system can curb on their expenses. This waya business can streamline its day-to-day expenditures and invest in resources that actually matter and bolster growth.

  • Go Paperless – Save The Planet

Most banking procedures are paper-based and cause subsequent damage to the environment. However, with an electronic fund transfer system like Bacs you can go completely paperless.

  • Reduce Errors

The issue with old payment processes is that they are not automated. Manual processes are prone to errors which can sabotage the existence of a business. However, with Bacs systems the data is validated minimising the chances of such errors. Moreover, as the system is automated the frequency of errors also goes down to a great extent.

Similarly, the approval mechanism becomes extremely robust as designated individuals and departments have access to a Bacs payment system offering greater control to manage the financial transactions.

  • Timely Deliveries and Processing

Unforeseen circumstances can cause a delay in the processing of payments when it comes to paper based transactions and conventional banking procedures. Thereby, instead of opting for a system that may result in failure or delay you can choose an electronic Bacs payment mechanism. Such a system with ensure reliability, efficiency and process all payments in a timely fashion adding to the convenience of concerned parties.

Bacs has become one of the safest, efficient and convenient ways to manage monetary transactions. The increased advantages of such a system have encouraged many businesses to deploy such payment systems within their office environment. With the requirement of businesses becoming complex, Bacs can help you in managing your financial transactions smoothly and efficiently offering greater convenience.