Recurring payments a clear positive advantage for many businesses as they provide a consistent financial cashflow stream, creating stability and enabling more predictable financial planning, gaps and opportunities for growth.
However, for businesses that manually process payments or use more traditional, archaic processing methods, adding new recurring payments can create additional work and take up a large amount of time.
Recent research suggests that 78% of UK businesses are actively planning to improve their payment processes. In addition, 27% of UK business survey respondents indicated that they viewed automation as an effective solution for error reduction, faster payments processing and time-saving benefits.
For many, Bacs automation software could be the answer. In this article, we explore how Bacs automation software helps to streamline payments, empowering businesses to thrive in a competitive marketplace.
Contents
- What is Bacs automation software?
- Key payment processing challenges for businesses.
- What is the best Bacs automation software for streamlining recurring payments?
- Uncover the right Bacs software for your business with Interbacs.
What is Bacs automation software?
Bacs automation software is a term for specialised payment software solutions that help to automate Bacs (Bankers’ Automated Clearing Services) payment processing in the UK.
With this type of software, payment files can be automatically uploaded, validated, processed and submitted directly to Bacs. This enables you to reduce the level of manual input, link disparate systems, and automate your Bacs action reports which helps to minimise errors whilst significant amount of time.
The right Bacs automation software will integrate seamlessly with your existing internal and accounting systems so that payment information can be shared across tools to accelerate the payment process, provide security, and increase transparency.
Key payment processing challenges for businesses
Even though automation for Bacs payments has been available for some time, there is still a defined portion of UK businesses that rely on manual processing of payments, using business banking, or else costly Bureaus. As a result, organisations may experience some or all of the following:
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Reduced productivity
A delay in payment processing, especially when payments are manually processed or organised using legacy systems, can have a measurable impact on your productivity levels and ability to meet targets.
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Lost time
When you operate using outdated systems or a fragmented payment infrastructure, this can lead to periods of unwanted downtime, an increase in operational inefficiencies and a lack of access to streamlined payment processing options.
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Security issues
Organisations that manage and store sensitive customer information should safeguard this to a high standard and meet essential compliance requirements. A data breach or cyber attack can create significant issues, restrict operations and damage brand reputation.
What is the best Bacs automation software for streamlining recurring payments?
The most effective and efficient Bacs automation software for streamlining recurring payments can automate the whole payment process to increase accuracy and allow for larger payment volumes. Fortunately, Bacs payment software from Interbacs provides all of these advantages for businesses.
Bacs automation software enables fast, compliant and secure processing to consistently occur, using features such as automatic bank detail validation (modulus checks), Identity verification, seamless internal system integration and automatic data matching, which helps to minimise payment rejection scenarios.
Organisations can benefit from Bacs software automation in the following areas:
Speed and efficiency
Automation from start to finish within the payment process means that payments are arranged and validated in a much shorter timeframe than manual processing or legacy payment technology provides.
Data validation
To decrease the possibility of payment rejection and reduce the risk of fraud, the automatic validation of sort codes and account details, as well as ID, using the latest data sets within Bacs software supports stronger data integrity.
File processing automation
Payment instructions are sent electronically in batches through the Bacs system by secure file transfer protocols. This system decreases the chance of processing delays and helps to reduce the opportunity for error.
Cash flow management
Quicker and more predictable recurring payment processing helps to create more fluent and transparent cash flow management, which opens up a pathway to clearer financial planning to help businesses reach targets and scale at their own pace.
Uncover the right Bacs automation software for your business with Interbacs
Interbacs is a Bacs approved bureau that leads the market in Bacs payment management. We have been Bacs approved since 2013, supporting businesses of all types and sizes to enhance their payment processing options.
Combining 30 years of experience, we deliver BACS software solutions with a friendly, reliable and professional approach. We’re here to help you optimise B2B payment processes for operational excellence and efficiency.
Contact us today to find out more about how we can help you save time and money on your payment solutions.
