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Bank Holiday could hold up payments if businesses aren't prepared

By CreditMan Tuesday, May 24, 2016

Businesses need to plan for the Bank Holiday to avoid missing important payment commitments, says Bacs Payment Schemes Limited (Bacs), the company behind Direct Debit and Bacs Direct Credit in the UK.

As the Bank Holiday is a non-processing day, payments scheduled to be made on Monday 30 May will not be processed, so business owners and finance teams must make sure important payments to staff, customers, and suppliers are submitted early to allow for that.

For example, if salary or supplier payments are to arrive in accounts on Tuesday 31 May, then the payment process must begin no later than Thursday 26 May. For payments due in accounts on Wednesday 1 June, payment files should be submitted by Friday 27 May.

The Bacs processing calendar, listing all the non-processing dates for 2016, is available from: www.bacs.co.uk/processingcalendar.