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Collecting Domestic Income Electronically
BACS Direct Debit* is an automated service for customers (i.e. Insurance Companies, Mail Order Operators, Hire Purchase Companies etc.,) making high volume (50 or above)/ low value collections e.g. collection of insurance premiums, utility bills etc.
Product Features and Benefits:
- Fast, Secure and Reliable
- Improved cashflow (same day credit)
- Reduced administration costs - no need to check and collate cheques or bank giro credits
- Easier bank reconciliation - system generates single credit to the account
For further details, please see the BACS charges table below or contact your Business Manager/Relationship Manager.
BACSTEL-IP/ WinBACS Charges **
Software, Equipment and Services***
BACSTEL-IP/ WinBACS IP Costs****
| a) Pre-Pay option | Charge |
|---|---|
| WinBACS IP Software License (single user license i.e. installation on 1 PC) | £495 |
| Software Installation cost | £295 |
| Annual Telephone Support (optional) | £100 |
| Annual Engineer Support (optional) | £175 |
| b) Monthly Subscription option | Charge |
| Monthly subscription charge (monthly charge includes the provision of: WinBACS IP software, telephone support, future upgrades etc.) | £35 |
| Software Installation Cost | £295 |
Smart Cards and Readers**
(Debited from your account on receipt of hardware)
| Charge | |
|---|---|
| Standard PC Installation -2 smartcards and 1 reader | £200 |
| Costs for additional smartcards/readers are: | |
| Smartcard | £85 |
| Standard PC Card reader | £30 |
Cards expire every 3 years and are automatically renewed by Trust Assured. Upon expiry a new card is issued at a charge.
BACS Set-Up/Additional User Set Up
(Charges notification letter details payment methods)
| Charge | |
|---|---|
| Direct Submitter - if you submit files directly to BACS the charges are as follows: | |
| Credit User | £150 |
| Debit User+ + New Direct Service User Numbers (SUNs) must be Automated Direct Debit Instruction Service (AUDDIS) enabled | £200 |
| Bureau Submitter - if you use a commercial bureau to submit BACS files on your behalf | |
| Credit User | £100 |
| Debit User | £150 |
| Direct Debiting - if you are making changes to your current DD originator status | |
| AUDDIS Fee | £200 |
| Paperless Direct Debit | £200 |
| Bulk Change | £200 |
Transaction Charges
(Charged in monthly bank fees)
| Charge | |
|---|---|
| File Submission Charge (If you submit two or more files referencing the same user number within the same business day, only one file submission charge will apply) | £4.50 |
| Item charge (per item) | 6.5p |
* BACS - "Bankers Automated Clearing Services" is the "not for profit" body with members from the UK banking industry which promotes the use of automated payment schemes and governs the rules of the BACS scheme. See www.bacs.co.uk for details.
**BACSTEL-IP/ WinBACS software provided by Bottomline Technologies
***VAT is not included
****Based on current pricing agreement with Bottomline Technologies and correct as of January 2011.
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