Bacs processes 98.6 million transactions in a day
Amazing news from Bacs (the governing body behind Direct Debit). On a single day last month, Bacs set a new record in processing 98.6 million transactions. This number is equal to 106,000 payments a minute. Almost 76 million of the transactions were Direct Debits.
Bacs managing director, Michael Chambers, said “We’ve already set two records this year, for value and volume, and this is the second year running we’ve broken our own peak day processing record. All of that is a clear indication that our payment methods are still very much in demand.”
These figures clearly demonstrate the popularity and power of Direct Debit as a payment method in the UK. Indeed, 5.7 billion payments were made in 2013 via Bacs, totalling nearly £4.2 trillion.
Direct Debit really is the smart way to collect payments, helping to increase the cash flow of small, medium and large businesses across the UK.
Many smaller businesses who want to collect with Direct Debit but have been previously rejected by the bank might feel that Direct Debit is not an option. However, bureaux, such as FCA regulated SmartDebit, open the doors to Direct Debit for businesses of all sizes, whether you have bank sponsorship or not.
Find out how your business can harness the power of Direct Debit. Contact SmartDebit today.