Whatever business you're in, you need to manage money accurately and effectively.
The BACS service replaces slow and error-prone manual payments and collections with Direct Debit
and Direct Credit payment services.
The BACS payment process works on a three day cycle.
Payment instructions received by 9pm on Day One (Input Day) will be processed overnight for
distribution to the member banks and building societies in the UK on Day Two (Processing Day).
On Day Three (Entry Day) all relevant accounts are simultaneously debited and credited with
cleared funds by 9.30am.
This means money can be earning interest right up to payment day whilst cleared funds are
available immediately on pay day.
| *Some financial institutions may credit accounts later |
All organisations that use BACS are sponsored to do so by their bank.
For further information about using BACS products and services, contact your bank, who will
advise you of the most appropriate and cost effective method for your business.
