BACS to Basics

Most UK businesses use the BACS payment platform for electronic transactions including payroll and direct debits. This will be replaced by an online system, BACSTEL-IP, in December 2005.<br /> However, more than a third of SMEs have yet to make any plans to meet the deadline, according to a survey by BACS Payments Schemes. Failure to meet these timescales could force many businesses to go back to payment by cheques and cash.<br /> <br /> The BACSTEL-IP platform will allow businesses to automate paper-based processes, monitor payment progress and resolve errors more quickly. According to BACS, security is also considerably improved.<br /> <br /> Mike Hutchinson, marketing manager of BACSTEL-IP said: “The small business market makes up about £500billion of the UK’s GDP and it is vital that this crucial sector starts planning now as there are only a few months until the migration deadline. Unless companies instigate plans to migrate straight away, they may well have to resort to making wage and other payments using cheques, or even cash. <br /> <br /> “We urge all companies to check their timescales to ensure they are fully prepared for migration inside the deadline. Most importantly the sooner small businesses start planning, the sooner they will reap all the benefits the new service provides.”<br /> <br /> For more information visit the BACS Payment Schemes website (Business Link)<br />

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