Direct Debit businesses warned - 'Yule need to plan in advance'
December 6, 2013
UK businesses are being urged to plan in advance to avoid missing crucial payments over the Christmas holidays.
Bacs Payment Schemes Ltd, the company behind Direct Debit and Direct Credit, is reminding businesses which routinely pay via an automated system, to make plans to ensure staff and suppliers who are normally paid at the end of the month don't miss out because of the non-processing days of over the festive period.
For example if staff are to be paid before Christmas 2013, perhaps on Christmas Eve, then the payment process has to begin on Friday 20th December to ensure that salaries are in employees bank accounts by 24th December.
If business owners are intending to pay staff or suppliers on New Yearâ€™s Eve, then the transfer process has to begin on Friday 27th December at the latest.
Mike Hutchinson, head of marketing at Bacs, said: â€œAutomated payments are not processed on Bank Holidays and we are urging business owners and finance departments to make sure essential payments are not delayed over the Christmas and New Year periods.â€
To help businesses with their planning, Bacs has created a downloadable 2013 processing calendar which is available at:
NOTES TO EDITORS
About Eazipay Ltd
- Established in 2002 by local entrepreneurs Kathy and Ron Bradney, and their colleague, Luisa Grey, Eazipay Ltd has become one of the UKâ€™s fastest growing Direct Debit processing companies.
- Eazipay now provides regular Direct Debit services to over 1,000 companies in a wide range of market sectors throughout the UK, Europe and beyond.
- In August 2013, Eazipay recorded its best ever month for Direct Debit collections when Â£28.1million worth of Direct Debits were processed on behalf of its clients.
- Eazipay was awarded â€˜Affiliateâ€™ status from Bacs, the governing body for Direct Debit processing in the UK payments industry. The company is now a member of an exclusive group of 38 other Bacs Affiliates, which includes representatives from some of the UKâ€™s leading businesses, banks and building societies, as well as government organisations and banking technology providers.
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