Regardless of the platform, making payments usually involves a certain risk factor. Today’s technological advancements, however, have resulted in the emergence of certain payment solutions that have significantly cut down the risk factor for both the receiver and the payer.
Due to such innovations, the overall payment process has seen great advancements when it comes to factors like smoother process and ease of access. However, it is the security of making payments that makes some stand out.
One such solution is the BACs payment service. An overview of BACs and the way it ensures safety can explain how payment process can be made more secure.
What Is BACS?
The Bankers Automated Clearing (BAC) services were originally conceived back in 1968 when paper transactions were the most common method. BACs services evolved with time and became the UK’s most prominent option for clearing electronic transactions. BACs are undoubtedly the most prevalent method of making and receiving business payments in the country. You can easily integrate BACs approved software into your business through a payments technology provider. If this is something you’d be interested in, you can read more about it and get a quote through https://www.accesspay.com/payments-technology/bacs/ who are a BACs approved software supplier.
Why Use BACs?
BACs has been around for decades and still remains the safest way to transfer payments. The fact that the process has evolved is enough proof that the payments method is up to date with respect to security. The BACs technique has not misplaced any payment till date and it has successfully dealt with more than 100 billion payment transfers.
1. Completely Automated Process
Getting things done automatically means that there is no need for manual intervention. As insensitive as it may sound, computers tend to be more accurate compared to humans. No human involvement means that the chances of human error is eliminated. There is no requirement for any professional or skilled expert to operate or manage the transaction process. Automation also reduces the processing time from hours to a matter of minutes, as is the risk involved in making a transaction. An automated procedure means the risk is significantly cut down and reduced to almost zero.
2. Option of Immediate Refund In Case Of Fraud
If an unauthorised payment is made from your account, you will be protected if the payment is through BACs. So, if you have fallen prey to fraud that resulted from unauthorised transactions, you can expect a full refund to be made. Unauthorised transactions refer to payments being made from your account without you having any knowledge of the occurrence and does not include any process that was approved by you.
3. Numerous Security Layers
There is a complex security system to protect the BACs system from any kind of malfunctioning or danger that may impact the safety of the payment process and put any payment at risk. There are intricate levels of security that keep the whole process secure and risk free.
4. Requirements of Authorisation
All payments you make need your stamp of approval before they can go through. This stamp is in the form of an account number or code provided by the bank. If the bank makes an error in the process, then you can expect a full and immediate refund. This characteristic ensures that there is solid evidence of a mistake or error, which will guarantee that the receiving bank stops the payment from being disbursed.
5. Constant Support
Even if the payment was misplaced due to an error made by you while conducting a transfer through the BAC services, it is the duty of the bank to help you trace the funds.
6. Control
As a user of BACs, you are in complete control of the entire process. You can add or remove users at your own will, and change other details as per your convenience, like the account you are using, without there being any hassle. Being in control of the process enables you to deal with everything the way you want and reduces the chances of interference of any sort, improving the secureness of the BACs system.
The use of a BAC service will significantly increase the security of every payment transfer you make and give you peace of mind you did not know you could have when running a business. Payments are the norm for all businesses and ensuring the safety of your transactions is critical. The use of BACs ensures just that without creating any additional issues or transfer apprehensions.
