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When it comes to payroll management and paying your people in the UK, there are a few options to choose from: BACS and Faster Payments are two of the most popular ones.
Whether you’re at a large corporation navigating high-volume payments or a startup looking for flexibility and better cashflow, we’ll break down the key differences between the two systems—including their features, use cases, and benefits—so you can make an informed decision.
What are BACS payments?
BACS stands for Bankers Automated Clearing Services.
A BACS payment is simply a digital method banks use to move money between different bank accounts.