Convert now or miss pay
Firms in the food industry that pay their employees and suppliers through BACS (Bankers Automated Clearing Service) face a nightmare New Year unless they comply with tightened security procedures that come into force on January 1.
"The banks simply will not undertake the transaction if the firm has not been converted to BACSTEL-IP, a new and more secure way for businesses to process BACS payments that comes into effect as standard service from the New Year," say The Forum of Private Business national spokesman Rex Garratt, representing more than 25,000 independent firms throughout the UK.
The advice comes from FPB's payroll partner Ceridian, which specialises in managing payrolls for thousands of businesses nationwide. "Firms will find their staff do not get paid unless they have converted to BACSTEL-IP and provided their bank with the necessary security information for payments to be processed, " warned Doug Sawers, managing director of Ceridian.
"Firms who have not discussed converting to BACSTEL-IP should contact their bank without delay to avoid disruption " said Mr Sawers.
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