Businesses rely on bank transfers like Bacs, CHAPS and Faster Payments every day.
They are the key to managing your cash flow and ensuring that employees, contractors and vendors are paid on time. When you factor in the three-day turnaround associated with Bacs payments, you can ensure that payments are prompt. As a result, you can maintain liquidity in business operations.
But not all businesses are able to make Bacs payments.
That’s where we come in.
FC Payroll Solutions is a Bacs-approved bureau. Our Bacs bureau accreditation means that we can make payments on your behalf to your employees, HMRC, or any other third party necessary to your payroll.
As a Bacs Bureau, we are held to a high standard of compliance with stringent security and GDPR requirements in force. We are audited every 4 years by a BACS Inspector to ensure that we are up to date with changing legislation, in order to maintain our Bureau status. So far, our ratings have been consistently excellent!
What is a Bacs-approved bureau?
A Bacs approved bureau (BAB) is a regulated organisation who can give you confidence that your payments will arrive on time and be accurate. All you have to do is set up a SUN on your company account and map it to our bureau number.
With FC Payroll Solutions, you can enjoy the benefits of Bacs accreditation without the expense and administrative hassle!
Bacs is an acronym for Bankers’ Automated Clearing Services. It is now known, however, as Bacs Payment Schemes Limited, a subsidiary of Pay UK. Founded in 1968 it is the most popular form of bank transfer, with over 130 billion transfers made since its inception. Other payment methods (like Faster Payments) have arisen in recent years. But low administrative costs and reliability make Bacs payments a firm favourite among companies of all shapes and sizes.
This includes small businesses. Bacs-approved bureaux make it increasingly cost-effective and viable for businesses to use Bacs payments.
Bacs payments take 3 working days to process. If you pay your employees on a Friday, the file must be sent on the Wednesday before. If you pay your employees on a Monday, the file must be sent on the Thursday before.
Bacs payments are a fast, secure and reliable way to manage the flow of funds into and out of your business. They remove the administrative burden of making and receiving direct transfers between bank accounts. So you can focus your attention on what matters most to your business.
Direct credit and direct debit are the two kinds of payments that are made / received via Bacs. Most of us are familiar with direct debits in our personal and professional lives. They are used for paying utility costs, credit card bills and all manner of other expenses.
Direct credits, on the other hand, are less familiar to many. These are predominantly used by companies to pay employees’ wages.
A service user number (SUN) is a unique six-digit code that banks use to identify your business. If your bank approves your company to make Bacs payments, it will send you a form to apply for your own SUN.
We have a unique BACS Bureau number that can be mapped to any bank account that holds a SUN. Once this is done, we can seamlessly process payments on your behalf.
The Benefits of Using a
There are lots of reasons why companies just like yours choose to use a Bacs bureau. They may be only recently established, or make only a relatively small number of monthly transactions. Or they may be a micro business or SME with a fairly small turnover.
Whatever your size or turnover, using a Bacs-approved bureau comes with a range of benefits:
Why Choose FC Payroll Solutions?
We are an award-winning payroll provider with a team of 37 experienced payroll professionals. We manage the payrolls of a wide range of clients across the country with over 1,200 happy clients using us to pay their teams. From micro businesses with a single employee to enterprise-level companies with thousands of employees, our clients cover all industries, sectors and sizes.
Whatever the size or nature of your business, you can be assured of an efficient and comprehensive service from our team of qualified, experienced payroll professionals. We believe in delivering professional services with a personal touch. We get to know your operations so that our services can fit into them as seamlessly as possible. Think of us as just another part of your team.
Our Bacs bureau services are highly cost-effective, taking the legwork out of compliance and liberating you from time-consuming administration. So you have more time to do what you do best – running your business!