Is Bacs Payment Software Really Worth the Investment?

Posted by Kaylie Phelps on April 12th, 2017

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Handling payments is a massive responsibility. Payroll and recurring payments cannot be late otherwise, you’re going to run into a slew of complaints from employees and providers. Thus, you need dependable, secure payment software that has all the features your company requires, and since time is money, you probably want software that is automated and requires as little work as possible.

Today, it’s time to take a look at Bacs payments for business. Bacs is the organisation that handles payments using Direct Debit and Bacs Direct Credit. In order for a software provider to get access to the Bacs system, they must demonstrate careful programming and provide a high level of payment efficiency. Since Bacs was formed, their payment software has handled over 120 billion payments.

Will Bacs software live up to the standards your business needs? If so, is it worth the price?

Let’s take a look.

Bacs Payment Software Features

There are a few main features to discuss before determining if Bacs is worth the investment for your business. As mentioned, it first has to be highly automated, intuitive and simple to use. Let’s break down the ease-of- use of this software.

Ease-Of- Use

Bacs payments is capable of saving hours of labour, allowing your employees to work on the more pertinent matters of your business. A single phone call with a customer service rep is all it takes to setup the software, and then you’re able to start making easy payments. Additionally, instead of manually entering payments, Bacs takes care of it all automatically through two methods: direct debit and Bacs direct credit.

Payment errors are greatly reduced using Bacs software due to accurate data validation, and your Bacs reports can be downloaded whenever needed for employees to reconcile.

As far as simplicity is concerned, Bacs payment software is about as easy as it gets. Whether you want to add or delete users, switch bank accounts or update information on file, it’s all very intuitive, requiring just a few clicks. With ease-of- use being a major priority, what does the security look like?

Integrity and Security

It’s not an easy process to get payment software Bacs approved. There are strict requirements when it comes to using the Bacs payment services, and every software provider is held to the following high standards:

  • Every software provider must have a secure connection between Bacs and their own software.
  • They must provide an efficient structure and format for reports, and the retrieval process must be simple and accommodating.
  • The software must deliver easy-to- understand error messages and warnings for users.

After satisfying those requirements and more, all third-party software providers are allowed to brand their software with the “Bacs approved software” logo.

So, Is It Worth the Money?

It may be difficult to pay the up-front costs associated with purchasing the software, but it seems that in the long run, Bacs-approved software is well worth it. For one, the time saved alone makes it worth it. Just think of how many hours of manual payroll an payment work stack up over the course of a year. Added up, it’s much more costly than using automated software. In addition, it may even allow you to forego hiring as many employees as you thought you needed to handle internal and external payments.

Not only those, but human error is reduced, keeping accounting errors to a minimum, which are another possible hindrance to a company’s bottom line.

Conclusion

Bacs-approved software is a great tool for companies of any size since it can be customised to fit your business’ specific needs. In your initial quote, you simply tell the provider what kind of payment systems you have in place that need to be carried over and also what services you want to add. It won’t be the same for any two companies, so prices will vary.

The good news is that you won’t be paying for an entire software suite filled with features you won’t be using, which is especially useful for small to medium-sized businesses that only have a couple payment systems in place. Thus, Bacs-approved software is almost definitely a smart financial move for the long- term, and if recent transaction volume is any indication, it seems plenty of others feel the same way.

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