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.
Eazipay Ltd, one of the UK’s largest Direct Debit processing company, is celebrating an unprecedented start to 2016 with record breaking business performance levels.
A staggering £108.6 million worth of Direct Debits have been processed on behalf of its clients during the first three months of 2016, signalling the company’s best ever opening period in its 14 year history.
The global internet community is set to introduce a new and more sophisticated level of internet security – called SHA-256 SSL - and if UK businesses don’t act now to accommodate the changes, they could find themselves locked out of secure payment websites.
This could have serious implications for UK businesses that use Bacs Payment Schemes Limited (Bacs) to make salary and supplier payments or to collect by payments by Direct Debit.
An impressive 103.7 million payments were processed in just one day in April by Bacs Payment Schemes Limited (Bacs), the organisation behind Direct Debit and Bacs Direct Credit in the UK – a new record for the number of transactions in a single day.