In order to completely automate your Bacs Direct Debit, Direct Credit, or Faster Payments transactions, your business will require two critical elements:
1. A Bacs Service User Number and
2. Access to a HSM (Hardware Security Module)
Just like Apple has brushed the headphone jack under the carpet in its latest iPhone 7 release, should banks look to eliminate old-fashioned cheques from their dusty shelves?
In 2008, when the CD drive-less MacBook Air was pulled out of a brown paper envelope, Steve Jobs accurately predicted that software delivered over the internet would soon replace the faithful disc.
Direct Debit Best Practice – Improve Process Efficiency
Could you reduce the cost of collecting monthly payments by up to 90%?
Membership and subscription-based organisations could potentially save up to 90% by switching to a single monthly direct debit collection submission.
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.