BACS – Direct Bank Transfer Review
BACS stands for Bankers' Automated Clearing Services, and it is a United Kingdom scheme for the electronic processing of financial transactions. It is a non-profit and membership-based body, which engages in the processing of automated payments. It is owned by some leading banks and financial associations in both Europe and the UK, and it supports two types of electronic payment methods - BACS direct debits and BACS direct credits. The services of BACS system are available only to the residents of the UK and Northern Ireland. It is considered to be one of the safest, if not the fastest ways of money transfer. BACS is also one of the rare electronic funds transfers with a long tradition of good practice and customer service, as it has been in the business since 1968.
How does it all work?
Boasting the number of its customers, which these days count to tens of millions, BACS represents one of the major electronic funds transferring companies in the world. In terms of online casino payments, direct bank transfers are an excellent path to take – they are relatively fast, easy to conduct and most of all secure, enabling you to give the order and send funds to the casino directly from your bank account. In terms of the two types of transfers offered by BACS, direct debit and direct credit, they function in the following way: Direct Debit represents an instruction given by a customer to their bank in which he/she authorizes an organization (in this case casino) to collect varying amounts from their account, as long as he/she is being given an advance notice of the collection amounts and dates. On the other hand, BACS Direct Credit enables all sorts of organizations to make payments by electronic transfer directly into a bank. This type of offering, along with BACS’ constant strive for improval of their services is the core of its success and reputation as one of the most secure money transfer options there is.
BACS – Direct Bank Transfer Pros and Cons
Probably the major criticism ever received by this money transfer system was that regarding its slowness. That is precisely why BACS introduced a new, Faster Payments Service back in 2008. This, combined with the existing reliability, meant more customers, enhanced offering and bigger transactions turnover. As for the current downsides of the system, probably the biggest one is the fact that its availability is geographically limited. However, BACS seems to be doing well in its current market, so it’s not unrealistic to anticipate that it will spread its influence into other European regulated markets in near future.
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