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Are you compliant with Bacs?

If you process Direct Debits, it is important that you know the scheme Guide and Rules to make you’re compliant with Bacs.

One of the key aspects of using this service, is the speed in which Service Users become aware that payers Direct Debit Instructions (DDI) are amending or cancelling.

It is therefore vital you keep on top of these reports to make sure your transmissions are correct, are increasing Direct Debit income and enabling you to follow-up with cancellations quickly.

Rule: Service users must apply DDI amendments and cancellations within 3 working days of the date the advices are available or as specified by the payer thus ensuring that future Direct Debit collections are submitted with the correct information.

Guidance: It is strongly recommended that the changes are applied immediately to avoid the risk of misdirected or failed collections.

 

Rapidata offers a fully managed Direct Debit service so all our clients are safe in the knowledge all Bacs reports that have amendments or cancellations are dealt with every working day.

If you would like to learn more about how to be compliant with Bacs and the benefits of daily update of Bacs reports, give us a call on 01293 601111 or email info@rapidata.co.uk – we would love to hear from you.

 

 

 

 

 

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Posted by on 20/07/2018 within Bacs, Direct Debit
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