What is the BACS payment cycle?
BACS processing of Direct Debits operates on a three day cycle. • Day 1 (Input) – Electronic submission to BACS of payment request data. • Day 2 (Processing) – All data is processed. • Day 3 (Entry) – Direct Debits are debited from the payers bank account and credited to the Originator’s nominated bank account.
Related Questions
- Does the payment cycle run for every thirty (30) days i.e. if I pay on the 15th of June; is my next payment due on the 14th of July?
- What happens if I make a payment to bring the balance current before the end of the billing cycle?
- Will the direct entry payment cycle be different from the cheque payment cycle?
