“We are delighted to gain accreditation as a Bacs approved Bureau. To gain this status we had to...
What is a Bacs approved bureau?
More than half of all organisations that use Bacs to make Direct Debit and Direct Credit payment submissions do that through a Bacs approved bureau. Not only do bureau services take away the administrative hassle and expense of processing your own payment instructions using costly in-house software, but they can often assist with your application to obtain a Service User Number (SUN).
What is a Bacs approved bureau?
A Bacs approved bureau is a company that submits payment instructions to Bacs on behalf of its customers. A Bacs approved bureau processes all your Direct Debits and Direct Credits on your behalf if you would like to automate your Bacs collections and payments. All bureaux are vetted by Bacs and need to be authorised by a sponsoring bank before they can be added to the Bacs bureau list. They are also inspected every three years.
How does a Bacs bureau work?
Essentially, a Bacs approved bureau facilitates Bacs payments through specialised software. All you have to do is send files containing your Direct Debit and Direct Credit transactions to the bureau, who will then submit these instructions directly to Bacs for you. This allows payments and collections to be made on time and without having to liaise directly with the bank (although they will charge for the bank transfer).
How can my business get a Bacs number?
In order to use a Bacs approved bureau, your business will need to obtain a SUN. This is your company's unique form of identification within the Bacs system. It generally takes around 1-3 months to acquire a SUN. This is because the bank will need to perform due diligence on your business. Often, you will need to meet revenue thresholds to qualify. These are typically around £2 million in annual revenue.
Does my business need bureau services?
There are several reasons why you might choose to use a Bacs approved bureau. For instance, if you’re a start-up or a small-to-medium-sized enterprise (SME) with a relatively low turnover that makes relatively few transactions every month, you might not necessarily fit the criteria for making direct Bacs submissions yourselves. In this instance, a bureau service makes sound economic sense as it removes all of the challenges brought by costly in-house software.
Why choose Bacs Approved Bureau Services from Interbacs?
Our Bacs Approved Bureau Services are ideal for companies that have a SUN and would like to save time and money by removing the burden of internal processing tasks. One of the main advantages of using our bureau services is that payments clear directly into your account. Plus, rather than hiring a large payment processing team, a single individual and our software can handle all your payments. We assign a fully Bacs trained professional to your business who removes all of the Direct Debit collection process stresses.
Contact Interbacs today
Save time and money with reliable, professional, and innovative payment solutions and facilities management services from Interbacs. For more information about any of our products or services, please contact us on 08444 127 180.