Bacs
Bacs is the UK payment method used for non-urgent, usually low-value and high-volume GBP payments.
Bacs in detail
Bacs payments are ideal for processing large batches of UK payments that don’t require urgent same-day clearing. Bacs is often used for payroll, dividends, collecting bill payments and refunds.
You can use Bacs for Direct Credits or Direct Debits
Overview
- Efficient Bulk Payments: Bacs payments allow you to process large volumes of payments to suppliers and employees quickly and securely, streamlining your payment operations.
- Automated Processing: Reduce manual intervention and minimise errors with automated payment processing.
- Flexible Scheduling: Schedule payments in advance, allowing for timely transactions that align with your financial planning needs.
- Comprehensive Reporting: Access detailed reporting features that provide insights into your payment activities, enabling effective tracking and management of your transactions.
Key features
- Make Bacs payments through HSBCnet, HSBC Connect or through a Bacs Bureau of your choice
- Bacs is generally considered one of the more affordable transaction types available
- Pre-authorise third parties to collect funds from your account using Bacs Direct Debit
Bacs Direct Credits
Submit Bacs Direct Credits payment files directly via HSBCnet or HSBC Connect, without relying on any third-party provider.
- Efficient ways of handling large number of small transactions
- File-based processing with bulk payment capability
- 3-day clearing cycle
Bacs Bureau
A Bacs Bureau is a third-party company that submits Bacs payments on your behalf, facilitating the payment process for you.
- Minimise operational overheads by outsourcing payment processes, ideal for payroll
- 3-day clearing cycle
Bacs Direct Debit
Bacs Direct Debits allow UK companies to collect GBP payments from HSBC Innovation Banking accounts, if authorised to do so.
- Pay your company’s UK bills and commitments via Direct Debit
- Simply pay recurring charges, automatically
- Save time as you don't have to initiate the payment yourself
- Protected by the Direct Debit Guarantee
- Typically used for recurring expenses