Bacs or BACS payment method South Africa is a very unique automated payment mechanism, which was formerly known as Bankers’ Automated Clearing Services.
It is actually an organization which is majorly responsible for conducting two methods: Direct Debit and Bacs Direct Credit. In brief, this system allows making payments directly from one bank to another.
When business owners look for safe online payment methods, this is something they feel stuck on due to various benefits offered by this payment method. This type of system is often used by third parties as a convenient and easy medium for money transfer. Business owners often use it to assist their clients as well as employees in issuing payments. It also allows you to make more than one payment to different beneficiaries and that too in the same payment batch.
There are many countries where the payroll providers have to be BACS approved bureau to help facilitate payroll payments from the employer’s account in an easy and safe manner. It is required to pass an initial inspection review for this process and after that it is inspected annually to maintain their status.
The payroll provider or bureau can either create and submit payment files in the Bacs format or just submit files created by the user themselves. These payment files are also created by softwares that is different from payroll software. Due to these reasons, it has become a popular method of payment.
There is another kind of payment method which has become increasingly popular and that is EFT payments South Africa. It is also allows fast and easy online payments, and often selected by e-commerce companies.
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