Even in the most resilient and productive businesses, errors can hamper and even hold up payment processing. Within any financial system, delays or missed opportunities to improve operations can cause friction and even damage the potential to maximise business opportunities.
It may come as a surprise to learn that research recently conducted reveals that repetitive tasks cost UK businesses £179 billion each year, equating to 4% of annual turnover. The same research points to the high volume of repetitive workflows occurring in finance departments in particular, turning a spotlight on an important area.
If finance teams are working without full or partial payment process automation, this could put them at a significant disadvantage. This is because many UK enterprises already operate with automated processes, including Bacs payment integration within their internal systems.
In order to optimise B2B payment processes for operational excellence, it makes sense to explore the benefits Bacs payment integration can offer your organisation to boost efficiency in your finance system.
Contents
- What is Bacs payment integration?
- How can you integrate Bacs payments into finance systems?
- 3 ways Bacs payment integration boosts financial efficiency.
- Amplify financial efficiency with Interbacs Bacs payment solutions.
What is Bacs payment integration?
Bacs (Bankers’ Automated Clearing Services) payment integration refers to the process of adding Bacs payment tools into your internal and accounting systems. Once this has been implemented, it will enable electronic transfers between UK banks.
Bank-to-bank electronic transfers allow businesses to manage varying volumes of routine payments securely, including collecting customer payments by Direct Debit or paying employees through Direct Credit. With Bacs payment integration, these events happen in a robust, resilient and seamless manner, helping to boost financial efficiency.
How can you integrate Bacs payments into finance systems?
Primarily, there are two methods of integrating Bacs payments into your financial system:
Bacs approved software
The key to gaining the most benefit from Bacs approved software is choosing the right provider. An experienced and professional Bacs software provider, like Interbacs, will select the most appropriate solution to suit your business needs, such as a tool that can handle your payment volumes.
Bacs approved software also needs to seamlessly integrate into your existing accounting and financial systems, enabling transparency across payment processing. It should also have the ability to share and access important data to ensure high levels of security and efficient transaction completion.
Bacs approved bureau
A Bacs bureau is an approved third-party service who processes Bacs payments on your behalf. This is a cost-effective option for businesses who want an experienced operator to securely manage their payment files and recurring transactions while meeting compliance requirements.
Managing the entire payment process for many enterprises around the country, Interbacs is a trusted Bacs approved bureau with years of specialism in the sector.
3 ways Bacs payment integration boosts financial efficiency
Bacs payment integration has the ability to accurately forecast cash flow, collections and scheduled payments, vastly increasing financial efficiency in your business and enabling you to meet challenging financial goals.
Here are three ways that Bacs payment integration can boost your financial efficiency:
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Error mitigation
Automating Bacs processing through the use of Direct Debit Management Software (DDMS) or a Hardware Security Model (HSM) reduces the need for human intervention in payment processing and, as such, helps to reduce the potential for error.
In addition, money can be saved by automating other areas, such as accessing Bacs reports, digitally signing up new customers and creating automated approval workflows.
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Compliance alignment
Bacs payment automation helps your business to meet compliance requirements as aligning with Bacs rules makes your operations streamlined and efficient which enables easier validation.
Tasks such as identity verification file validation, customer approvals and file signing can be automated, redeploying employees to complete other vital business tasks.
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Automation customisation
With Bacs payment automation, there is the choice to customise automation from any file origination software. You can add or remove employees, manage SUNs (Service User Number) and the segregation of permissions which provide an extra layer of security when automated through a seamlessly integrated Bacs payment solution.
Amplify financial efficiency with Interbacs Bacs payment solutions
Interbacs offers market-leading Bacs payment solutions. As one of the first Bacs Solution Suppliers in the UK, our customers know that we deliver first-class payment systems.
We have a range of products and services that help manage your cash flow, from our Bacs Approved Bureau to our InterPay Bacs payment software.
Browse our complete collection of Direct Debit solutions and find the perfect product to better support your business and your customers.
We’re always here to help, so get in contact with our friendly team of experts to discuss your payment options in more detail.
