6 Ways Bacs Approved Software Providers Help Your Business

Businesses thrive on payment options and beneficial partnerships with payment specialists. After all, if you don’t have an efficient payment system in place, your business may struggle to manage cash flow effectively.

According to the latest statistics, there were 176,234 B2B payments in terms of transaction volumes in 2023. Taking a dominant role in this data, the transaction volume for financial services payments was 112,971 throughout 2023.

Bacs payments are common in state transactions and are an efficient method to secure payment through safe processes that deliver peace of mind for payees and businesses.

Put simply, Bacs payments are part of a simple, clear and convenient payment system that has become the most popular and trusted payment process in the UK today.

This is because when you use a Bacs payment system, you access direct bank-to-bank payments that eliminate the need for paperwork or cheques, knowing that your transaction is in safe hands.

Contents

• What is a Bacs approved software provider?
• Why do you need a Bacs approved software provider?
• 5 reasons to use Bacs approved software providers.
• How Interbacs provides a user-friendly experience.
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What is a Bacs approved software provider?

There are just 14 Bacs approved software providers in the UK. This fact confirms the high standards Bacs approved software providers have to maintain so that transactions are secure and customer information is kept safe.

A Bacs approved software supplier is a company that Bacs has confirmed are able to deliver software and consultancy services to Bacs payment system customers so they can use these payment processes.

Bacs software providers have to undergo a series of comprehensive checks to ensure they meet the robust Bacs requirements necessary to run this service.

In good news, Interbacs is a Bacs Approved Bureau. By empowering Interbacs with Approved Bureau status, Bacs has recognised that our Direct Debit services are delivered to exacting industry standards.

Furthermore, our Bacs Approved Bureau status also gives customers added confidence when accessing our services which enhances customer experience. When they see we are approved by Bacs, this shows they can trust the payment process and feel confident that everything is official.

In order to become a Bacs Approved Bureau, Interbacs passed a rigorous inspection review. Consequently, we can demonstrate best practices in risk assessment and management. Not only that, but our position creates trust that payment completion will be easy and efficient for all stakeholders.

Why do you need a Bacs approved software provider?

In addition to the fact that most UK businesses have a history of partnership with Bacs and Bacs approved software companies, customers now expect a high level of simplicity and efficiency when it comes to payment processes.

They also have high expectations when it comes to securing their data and keeping sensitive information safe, which is a key element of the Bacs payment process.

Why not read why Interbacs is one of the leading Bacs approved software providers in our blog.

5 reasons to use Bacs approved software providers

Alongside the trust from customers that Bacs payments are a rubber-stamped way of transacting with businesses, here are some key advantages of working with an approved Bacs software provider:

The beauty of Bacs approved software is that these deliver first-class payment completion security and integrates multi-factor authentication within the process.

Multi-factor authentication is where a person has to login in multiple ways - such as password insertion alongside a code sent by email or a fingerprint scan. This helps reduce the risk of identity theft.

When companies embrace Bacs systems, they notice how much time is saved due to the removal of manual data processing. This time can then be invested in other aspects of your business to gain new opportunities and maximise financial assets.

After payment processing is automated, there should be a distinctive boost in cash flow. This is because payments will be more regular, enabling you to budget more effectively.

- Compliance with Bacs Rules

Investing in Bacs approved software can help your business remain compliant with the lengthy list of Bacs rules. Remaining compliant is crucial to remain compliant and entrusted with a licence to collect payments from their sponsoring PSP (payment services provider).

There’s no doubt that partnering with an approved Bacs software provider reduces your exposure to risk and allows you to centralise your systems for more consistency and reliability.

Bacs approved software solutions create clearer and more stable payment controls that are critical for financial governance and for ensuring businesses comply with regulatory requirements, alongside delivering fraud protection and error checks.

How Interbacs Provides a User-Friendly Experience

An advantage for our clients is that Interbacs is one of the first Bacs approved Direct Debit Facility Management companies. Becoming a Bacs accredited FM provider has allowed us to create a much smoother and more efficient experience for our clients.

Our Facilities Management service allows us to deliver highly reliable day-to-day advice and support regarding payment services and processing. This means we offer the highest-quality Direct Debit service, ensuring positive ongoing relationships between us and our clients.

Read how to improve cash flow with Bacs payment automation in our blog.

Whatever Bacs solution you need for your business, we can help you get it up and running successfully in no time.

Why not visit our Bacs Approved Direct Debit Management Software to find out more so we can support you in growing your business.