Businesses reminded to avoid bank holiday payment delays
The August bank holiday is fast-approaching and Pay.UK, the home of Direct Debit and Bacs Direct Credit in the UK, is reminding businesses to plan around the long weekend to avoid missing important payment commitments.
Bank holidays are non-processing days, meaning that payments scheduled to be made by Bacs Direct Credit, or collected by Direct Debit on Monday 31 August, will not be processed, so business owners and finance teams must take this into account.
For example, if funds are due to be credited / debited on Tuesday 1 September, then the payment process must begin no later than Thursday 27 August. For payments scheduled for Wednesday 2 September, then payment files must be submitted no later than Friday 28 August.
It’s also worth remembering that Bacs payment files can be submitted up to 30 days in advance, which could help take the pressure off finance teams that may still be working remotely, or with limited resource.
To assist businesses further in planning for bank holidays, Pay.UK has produced a handy processing calendar, giving details of all the important non-processing days in 2020.