Smartcard Failure
The introduction of Bacstel-IP introduced significantly enhanced security features which aimed to prevent misuse of the BACS system. Unfortunately in common with many aspects of modern life increased security creates additional problems. We regularly deal with businesses who have lost or damaged their smartcards.

Communications Failure
In common with most sophisticated networks there are many possible points of failure. We have had to deal with companies facing lost internet access, severed telephone cables, change of service provider disrupting service etc.

Staff Absence
If the staff responsible for BACS submissions are absent how will those submissions be made? We have been contacted by organisations who after an employee has left have suddenly realised that that person was the only person able to make a BACS submission.

Of course all these issues can be overcome, sometimes with careful planning and expenditure on duplicate staff and systems. At BACScontingency there is an easier and cheaper solution.

Consequences
An ever increasing dependency on electronic payment systems to pay employees, and suppliers as well as to collect Direct Debits indicates the faith we now have in computer systems and the internet. Previously the greatest threat to making a payment was losing the cheque book, the pace of change over the past 25 years has seen immense improvements and efficiencies in the way we do business. But those improvements come at a price and the price is complexity and risk, there are now innumerable threats to business – with new threats arising all the time. Consider the effects on your company of failing to pay your staff or not collecting Direct Debits:

• What would the damage to your business reputation be of failing to pay employees on time? Would your most valued employees think about changing jobs to a safer company?
  
  
• Could your cashflow cope with a delay in failing to collect its Direct Debits? Given that a high proportion of UK businesses do not have the cash reserves to meet more than 1 months payroll and supplier payments.
  
  
• How will the bank react to your request for additional funding as a result of your negligence in not ensuring you had an effective BACS contingency plan.
  

At BACScontingency.com we can save you from a payments disaster but more importantly we can help put a BACS Contingency Plan in place to give you confidence that you can overcome the problems that will arise in today’s complex business payments world.