BACS Payments

[Joe E]

Hi

Can anyone advise How to set up BACS payments, I'm just about to start a recruitment company and I want to pay my candidates via BACs each week/month Apologies if this has been asked before but I've just joined and haven't looked round the whole forum yet
Any advice would be appreciated.

Many Thanks

[Hayles]

It's really simple. You just need their account details and you make a payment to them. If you use internet banking it really is as simple as that. Their details stay on your system so each week/month you just choose the 'Make a Payment' option and put in how much you want to send. It'll take 3 days or so to reach them unless they bank with the same bank as you.

You need their account number and sort code and the name of the account.

If you don't use internet banking you can do it by phone banking - last resort you can do it over the counter.

H

[Joe E]

Hayles Thanks

I do internet bank for my personal account and have my business account with the same bank so can easily make sure the business account will, what do I say to my bank though that I want BACs set up on this account and then I just input my candidates bank details each week etc?

Regards

Joe E

[Hayles]

You can set up the BACS payments yourself (on-line). With HSBC you go to 'Make a Payment' and then enter the persons account details when prompted. Next time you want to pay that person you go into 'make a payment' and choose their details again. You just enter the amount you want to pay and whether you want the money to go immediately or you can set a date in the future. If you've got personal on-line banking then take a look as you can do it with personal accounts too.

If I remember correctly you can do it by using the phone keypad with phone banking.

If you need to go into your bank to do it, all you do is take the persons details and ask for them to make a direct payment out of your account.

Hope that helps

H

[Joe E]

Hayles

Thanks again, I'll check it out the way suggested

Regards

Joe E
:)

[.Spiralling.]

Yes, I've just set it up on my business account online. It's much easier to do when you don't have to get bank staff involved :)