ULTRA ELECTRONICS AEP CUTS COSTS OF BACS TRANSACTIONS FOR SMES
Launches PayGate Online and PayGate Bacs to enable business to create and submit batches of electronic payments to the Bacs and Faster Payments clearing systems
Bacs payments are typically associated with significant ‘hidden’ overheads in terms of software and annual fees which inflate the costs of using Bacs in business. In response, Ultra Electronics AEP has today launched two user-friendly products for payments collection, payroll and accounts payable that feature transparent pricing and low fees in order to establish Bacs Direct Debit and Direct Credit as a viable alternative in business to cheques and outsourcing payments to a bureau.
PayGate Online is designed for use by companies of any size. This cloud based offering operates from any standard web browser with no software to install and for added security also features two factor authentication via digital certificates held on USB sticks. For organisations that prefer on premise software, PayGate Bacs is suitable for the vast majority of SMEs with regular weekly or monthly payment runs. Instead of paying for changes in their set up, PayGate Bacs enables appointed users to assign privileges and design workflows to ensure files are authorised by the correct people before being submitted.
Ultra Electronics AEP has 30 years’ experience designing Bacs software with extensive expertise in cyber security. Both products feature extra security and anti-fraud features for added peace of mind. Inbuilt checks minimise errors and highlight anomalies, creating worklists for users to ensure that corrective actions are taken methodically before files are submitted to the banking system. The system is also designed to force authorisers to look over every payment and digitally sign their name to approve the payments – an important feature to cut down on internal fraud and reduce errors.
Sian Bentley, Payments Product Manager at Ultra Electronics AEP explains: “A survey of SMEs by Bacs in 2013 found 55% expect to increase their use of Direct Debit and 59% expect to increase their use of direct credit in 2014. Bacs Direct Debit and Direct Credit are the cheapest method businesses can use to take and make payments. The products we are announcing today will enable all businesses to shift in this direction and finally abandon cheques, safe in the knowledge they can do so minus the risk of error or paying bureau to submit the transactions on their behalf.”