Money Transfer by BACS - What does BACS Mean?

Money Transfer by BACS

What does BACS Mean?
BACS means Building Automation and Control Systems. There are various requisition and mechanisms that could be mechanised and controlled by a BACS. Most spread mechanical, pipes and electrical services. In addition to these payment solutions, the need for a better-invoicing system became apparent, hence the start of e-Invoicing. This method of invoicing clients enables the business to implement HMRC compliant (covering the guidelines implemented for the thorough documenting and archiving of authentic VAT invoices, and the creation and distribution thereof) electronic invoicing Implementing e-Invoices reduces the cost of sending and receiving invoices, increases credit control efficiency and payment turnaround time. E-invoicing systems can be combined with your existing financial software, without the need to amend or update your existing systems.

BACS which means Banks Automated Clearing System is a means through which one can transfer money between two bank accounts. It is simple, quick, and secure where payments take between two to three hours to complete. With that time frame the processing and dispatching of orders can be done quickly.

How To Set up BACS Transaction?
What we are about to discuss are typical of every bank account but there might be bank to bank differences with similar information and process.

1. Log in to your bank account: This is not possible unless you already have a bank account with the bank and an internet banking platform. This, of course, also means that you already have your login details; username
   and a passcode.

2. Go to Payments Page: This is where you will be required to start your payments. The page tab might be Transfers or Make Payments" depending on the bank and website design layout.

3. New Payee Set-up: This will require a manual input since it is a new payee. If you have made past payments, there will be a list or drop down of payees already saved on your platform.

4. Input Payee Details: This will appear in the bank statement showing your transaction list. It can be The Trident Media for instance or the personal name.

5. Payee's Account Number: This is the account where you are sending the money and it is specific to the Account Name of the person or company. Most platforms require you to simply input the Account Number and they will search their database to get the name of the payee. It is up to you to confirm that the name that appears is the same with what you have. This can be gotten from the order page.

6. Sort code: This is a six digit number that is found on the order page.

7. Reference Number: This happens to be the most important number that you will need to input. It should bear your surname and the order number. It is with this number that one will know the customer that is making payments for order. Without this number, your order might be delayed since the payee and items of purchase cannot be known.

8. State the amount in the order form while including any taxes and shipping costs.

9. Your payment date should be stated for that day and send.

10. Ensure to print your payment copy for record purposes.

11. Send an email to the company or bank or person informing them of your payment so they can look out for it.

12. On receipt of your payment, the company can then package and ship down your order for you. You will be inform on arrival date via email.

13. Delivery most time will be through Royal Mail Special Delivery (UK).

Using BACS is such that you don't need to deal with any third parties for payments. You pay through your bank and the suppliers and their banks will inform them too. These payments and transactions will be done
over a secured website (https://). No credit cards involved so no issue of card cloning to compromise your bank account. This means low risk of account hijack.