A record 109.3 million payments were processed in just one day last week by Bacs Payment Schemes Limited (Bacs), the organisation behind Direct Debit and Bacs Direct Credit in the UK.
That’s the equivalent of over 7 million payments passing through the Bacs system each hour the processing window was open (15.5 hours), or in excess of 117,000 per minute.
The window is closing for businesses yet to accommodate higher security requirements. Bacs Payment Schemes Limited has been warning businesses of the change for the past 16 months, and the deadline is now just one week away.
The company behind Direct Debit and Bacs Direct Credit, used to pay 90 per cent of the UK’s workforce, will switch off older internet protocols on 19 September. Any business that has not made the appropriate changes to software and IT will find themselves locked out of Bacs from that date.
We've all had day dreams about having a brilliant idea, setting ourselves a new challenge, quitting the day job and starting our own company. As the dream continues, five years later we're sunning ourselves on a beach and living off the proceeds from the sale of our by now massively successful business. It's very easy to succumb to the Del Trotter notion that “This time next year we'll be millionaires.”
But how do you turn that dream into a reality and avoid ending up in Peckham with a yellow Reliant Robin as your company car? Luisa Grey, a Director at Eazipay Ltd, one of the UK’s largest and fastest growing Direct Debit bureaux, explains more.
August Bank Holiday (29 August 2016) will soon be here and businesses need to plan ahead to avoid missing important payment commitments says Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit and Bacs Direct Credit in the UK.
As Bank Holidays are non-processing days, payments scheduled to be made on Monday 29 August, such as salaries or payments to suppliers and customers, will not be processed and business owners and finance teams must ensure that payments are submitted early.
A deadline for businesses to make sure they were compatible with new payment security measures has been extended after around 1,000 companies failed to take the necessary action.
These businesses risked being unable to pay staff and suppliers , forcing Bacs Payment Schemes Limited (Bacs) to step in and give them a grace period in order to make sure they can meet their payment commitments. The new deadline has been set as 19 September 2016.