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Managing payments in and out of your business safely, without delay and in full compliance, is critical.
Here at paygate, protecting security is the number one priority in every decision we make, from how we develop our products to how we do business. You’d expect nothing less.
We have a range of tools that will help you improve payment security and reduce the risk of fraud.
Used at point of entry, as part of your payment or collection processes, paygate’s validate quickly checks account accuracy against up to date bank account data, avoiding errors and remediation costs.
paygate’s powerful process automation functionality gives you improved process control, management and auditing. It allows you to lock down payment procedures to help reduce fraud risk, avoid legislation breaches and minimise costly payment errors and remediation.
Achieve stronger security with HSM
As the most secure method of submitting payment data to Bacs, HSM is the smarter alternative to smartcards. HSM ensures secure signing of your payments, from any location, removes the reliance on Internet Explorer browser and opens the door to automation for maximum efficiency.
We answer those all important questions on submitting Bacs files on time, safely and securely.
Types of Bacs payments
There are 2 core types of Bacs payments:
Yes, anyone can make a Bacs payment, as long as their bank offers this service. Businesses tend to use a Bacs product or service rather than using bank portals etc as it’s easier, faster, and less prone to errors, or alternatively a Bacs bureau for handling the Bacs transfers on their behalf.
Bacs Direct Credit payments is simple and efficient – and it takes less than three days from start to finish. You remain in control of the process at all times. Bacs payment (credit and debit) take 3 working days to clear. On day 1 (submission day), the instruction (credit or debit) is sent to Bacs. On day 2 (Processing Day) the bank processes the request and the transaction is completed on day 3 (due date), where the funds are moved from the sender account and credited to the recipient account.
To make a Bacs Direct Credit payment, the minimum information you require is the sort code and account number of the payee’s account. It is vital that you double check that the account number and sort code you are given are correct; payments are processed only using these numbers.
When making file submissions remember the Bacs Payment System only accepts uppercase letters, any lowercase characters used are converted into spaces. Using the wrong character format can have unintended consequences and might cause confusion for your customers when reviewing their bank statements.
Yes. Very important. You must access and act on your reports promptly, as they contain time-critical information. When reports are not accessed and the correct action isn’t taken in a timely manner, then payments to accounts, or collections against them may be unsuccessful in the future, which could result in issues with failed payments or unpaid Direct Debits. Frequent checks are essential and if the usual staff are away, identify a colleague who can pick this up in their absence.
If an expected payment has not been received, you should first find out how the organisation sent it e.g. via Bacs. Also ask them for the sort code and account number they quoted on the payment, and the date they requested it to be credited to your account. Next contact your payment service provider to ensure that they haven’t received the payment. They may require additional information, including details of the remitting organisation and their sort code and account number.
If you’d like to review your current solution,
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