Bacs Direct allows you to make and receive payments cost-effectively and securely, without the use of paper vouchers, cash or cheques.
You can pay your insurance premiums, subscriptions, salaries and wages, pensions, or interest payments with our efficient online Bacs Direct facility.
Features and benefits
- Secure electronic remittance of regular payments directly via Bacs.
- The software can be accessed from your PC using proprietary Bacstel-IP software or through a commercial processing bureau.
- Industry standard Bacs payment cycle with credit and debit occurring on the same day (Day 3), with funds available to use as soon as they reach the account. Beneficiaries will also appreciate being paid straight into their bank accounts.
- Arrange and agree a limit to suit you.
- Improved cash flow as money is released and received on the same day. You can arrange payments to suit your business and send payment files weeks in advance.
- Reduction in direct costs such as cheque stationery and postage, as well as indirectly reducing time spent on administration.
- Improve debtor control, as you are notified of unpaid debits quickly.
- Keep your payment records up to date with automated reports showing failed or redirected debits and credits.
- Greater security - Bacstel-IP uses the latest commercially available Public Key Infrastructure technologies to carry out identification, authentication and tracking. Using these systems to make automated payments gives you better security – and of course any risks associated with using cheques or cash are reduced.
We charge a set-up fee of either £250 for applications including Direct Debits or £150 for a Direct Credit only application, then a fee per file and item submitted depending on your current account tariff.
How to apply
Important Legal Information
Lloyds Bank is a trading name of Lloyds Bank plc, Bank of Scotland plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc. Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no.2065. Bank of Scotland plc. Registered Office: The Mound, Edinburgh EH1 1YZ. Registered in Scotland no. SC327000. Lloyds Bank Corporate Markets plc. Registered office 25 Gresham Street, London EC2V 7HN. Registered in England and Wales no. 10399850. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 119278, 169628 and 763256 respectively.
The products and services outlined on this site may be offered by legal entities from across Lloyds Banking Group, including Lloyds Bank plc and Lloyds Bank Corporate Markets plc. Lloyds Bank plc and Lloyds Bank Corporate Markets plc are separate legal entities within the Lloyds Banking Group.
Calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help improve our quality of service.
Eligible deposits with us are protected by the Financial Services Compensation Scheme (FSCS). We are covered by the Financial Ombudsman Service (FOS). Please note that due to FSCS and FOS eligibility criteria not all business customers will be covered.