Only on rare occasions do you ever get a second chance when it comes to payments
If you’ve ever missed a deadline or had to pay a penalty for submitting late payments, you know how much it costs to make things right – Is the additional cost worth it? You and I both know, in the end it is not worth the extra aggravation and it is definitely not good for business going forward.
Now imagine missing a deadline for a payment industry update that could result in you losing your ability to send and receive electronic Bacs payments. You’d be screwed right? This is exactly what could have happened on 13 June 2016 when 1000 businesses failed to adopt SHA-256 SSL encryption, as mandated by Bacs.
To the 1000 UK Businesses that have chosen not to deploy compatible Bacs Approved Payments Software: Be Warned!
On 19 September 2016, Bacs will be withdrawing support for older connection protocols, which could affect your ability to process payroll payments, accounts payable and direct debit collections.
It is therefore imperative that you take action now to prevent interruption to the Bacs services you use to pay staff, Purchase Ledger, collect Direct Debits and retrieve Bacs Reports.
The proposed sale of Vocalink to MasterCard, threatens to “Kill Innovation” in UK Payments. This is the damning verdict of AccessPay CEO, Anish Kapoor, who is calling on payments experts to come together to voice their opinions and thoughts, before a final decision is reached.