What is BACs
BACs (Bank Automated Clearing System) is a UK based payment system which is fast and efficient allowing businesses to make and receive payments via electronic transfer directly into a bank or building society accounts.
BACs is simple, secure and reliable and is being used by businesses large and small. In 2017 there were over 2.1 billion BACs transactions with 364 million payroll transactions. It is tried and tested and risk-free and has benefits both to your business and to your employees.
Wagemate can manage salary and pension payments to staff on your behalf. We can also make PAYE and NIC payments to HMRC.
The benefits of BAC’s payments with Wagemate
The benefits of BACs payments managed by Wagemate to your business
- Saves time and administration costs
- Improves cash flow management
- no more re-keying pay details into your banking system
- Easier to check and reconcile payments
The benefits of BACs payments managed by Wagemate to your staff
- Cleared funds guaranteed to be available on payday
- More secure payments
- Payments made even when they are sick or on holiday
- Makes it easier for staff to budget