Caxton's payroll solution offers a secure, cost-effective alternative to traditional BACs, ensuring businesses can process payments 24/7, 365 days a year.
WHICH IS BEST?
BACS and Faster Payments are two payment systems used by businesses in the UK. They differ in processing speed, availability, cost and functionality.
Speed and Availability
- BACS: Takes three working days to clear.
- Faster Payments: Payments clear almost instantly and are available 24/7, including weekends and bank holidays.
Cost and Accuracy
- BACS: Higher fees. Manual data entry increases the risk of errors.
- Faster Payments: Cheaper to use, with automated checks to reduce errors.
Insights and Analysis
- BACS: Batch payment processing delays access to financial updates.
- Faster Payments: Provides real-time updates.
Learn more about why Faster Payments is the faster, more flexible and cost-effective option.
Payroll resilience is essential for maintaining employee trust and financial stability. Without backup systems for BACS, businesses face the risk of delayed payments caused by system failures or unexpected outages. Studies highlight that payroll issues, including late payments, can lead to staff dissatisfaction and higher turnover.
For more detailed insights on the challenges and recommendations for improving payroll systems, check out Caxton's latest report.
VISUAL
THE RIGHT CHOICE
Faster, timely payments are within reach with Caxton. Discover how Caxton enables businesses to achieve real-time payroll insights, improve accuracy and ensure compliance.
TESTIMONIALS
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