Customers have so many concerns these days about online security. With cyber-attacks and customer data security breaches all over the world, it is understandable that people want to feel safe when making a financial transaction with any business. How can you demonstrate to your customers that their personal information is safe with you? One option that has a very good reputation for safety and security is the bacs system.
While it is possible to utilise your bank or building society for bacs transactions, you can also maintain control of these by implementing a bacs payment serviceinto your company. While it may be a small investment up front, it may help to eliminate and fears or security concerns that your customers could have over financial transactions with you.
What is the Bacs Payment Service?
Bacs is a payment service that is managed by the leading banks and building societies in the UK and uses an internet-based service called the Bacstel-IP to process financial transactions between banks. The Bacstel-IP system protects the user with SSL encryption that covers any computer you choose to use when accessing bacs. It also has a feature to self-monitor and validate the user and the data authorisation. The purpose of it is to safely and quickly process financial transactions electronically.
What is Bacs Payment Software?
Essentially, bacs payment software processes secure payments for businesses. It is an automated software that sits between yourself and your banks, and submit files directly to the Bacs Payment network. It does this by connecting to the Bacstel-IP and enables you to track and view payment activity online. It includes electronic reporting that sends you a confirmation once a transaction is complete. All bacs payment software must meet certain standards to be bacs-approved.
Most companies find it both easy to use and a cost-effective way of doing business. The bacs payment service gives your customers peace of mind knowing that your company uses an extremely secure electronic payment system.
How Do I Know it is Safe for My Customers?
Safety and security are what the bacs payment service is well-known for. And the organisation behind this system is continuously working to keep it that way. In fact, the entire central infrastructure began an upgrade in 2016. This upgrade was initiated due to a new security certification adopted by the internet community. This new certification, called Secure Hash Algorithm – 256 (SHA-256), is impacting the requirements to access secure services such as bacs payment services.
Another recent change in security for 2017 is a change in security protocols. As an added measure of safety, the bacs payment system will only support Transport Layer Security (TLS) 1.1 and 1.2.
What does this mean for you and your customers? The highest level of security when processing electronic payments through the bacs system.
How Can I Eliminate Customer Security Fears?
If your customers are already aware of bacs, knowing that you use bacs payment software to process your company’s payments should eliminate their security concerns. If they are familiar with it, then they know that it is one of the most secure ways available for financial transactions.
However, many people may not be aware of this system. Even if they have performed electronic transactions, they do not necessarily understand how they were processed. So how do you set these customers minds at ease?
Here are a few points you can make if questioned about the security of your financial transactions:
- Electronic transactions will not get lost as a payment sent via the mail can.
- Approximately 109.3 million bacs transactions are processed daily.
- Bacs has been around since 1968 and completed over 120 billion transactions in that time.
- To date, not a single transaction has been lost.
- It is run by 16 of the leading banks and building societies in the UK.
These facts and figures should give customers peace of mind knowing that both their personal information and financial information are safe with a company that utilises bacs payment software.
It is also the most common service in the UK for processing electronic payments. Over 150,000 organisations throughout the country use bacs payment services to process their payments. And most workers in the UK are paid through bacs direct credit service. It is likely your customers are already familiar with bacs. You can help eliminate their safety concerns by using this safe form of electronic payments for all your customer transactions.