Bacs is the very company that runs Direct Debit in the UK. It’s been providing such Financial Market Infrastructure since 1968 and claims to offer the safest and most cost-effective method of getting paid or for paying regular or occasional commitments. What Direct Debit does is authorise organisations to collect customer’s funds from their bank or building society, granted that the customer has been given notice of the collection amounts and dates. Bacs is the company which also runs the Bacs Direct Credit, so customers can set regular payments as well.
As such, one of its most popular use is for paying wages and salaries, which applies to 90% of the UK workforce or almost 9 out of 10 British adults. The organisation has processed over 110 billion transactions since the inception, 6 billion of which were processed in 2015 alone. That in mind, let’s take a closer look at Bacs’ services in the full overview below. T&C's apply to all bonus offers on this site. Must be 18+. Click for a list of all banking methods.