BACS
Use Griffins to Pay your employees by BACS
BACS is the preferred method of receiving payments with over 90% of the UK work force receiving their wages/salaries this way.
Benefits to Employers
Cheaper paying employees by cash or cheque can be up to six times more expensive.
Saves time compared with manual cheque production, BACS removed the need for time consuming preparation and signatures.
Helps with cash flow management the certainty of payment date facilitates optimum cash flow.
Safer & more secure.
Benefits to Employees
With contrast to cheques, BACS gives the employee cleared funds guaranteed to be available on payday. No need to wait for cheques to be cleared through the banking system.
No need to be collected or paid in the money is automatically credited to their account on known dates.
Payment process
The payment process operates on a three day cycle. Payments input on Day 1(Input Day), will be processed overnight for distribution by Banks and Building Societies on Day 2 (Processing Day). On Day 3 the payers account is debited with a single entry (covering the value of all payments made), and simultaneously the accounts of all individual payees are credited.
Interested?
If you are interested in taking up this service then the first thing you need to do is register with your bank to be an Indirect Submitter to BACS and get a Service User Number. This process can take several weeks due to the security of the service.
Any questions please contact payroll@griffins.co.uk where one of our team will be happy to help.