How will your business survive after the December 2005 switch off?

BACS is changing. Have you migrated to BACSTEL-IP? If not, you must ACT now.

A predicament looms in January 2006 for all businesses that currently rely on BACS automated systems to pay salaries and suppliers.

The current BACSTEL system is being switched off at the end of the year and thousands of businesses face life without BACS if they continue to ignore warnings to migrate to the new system – BACSTEL-IP. Businesses that fail to migrate will NOT be able to pay staff salaries or supplier invoices by BACS, or collect money by Direct Debit.

BACSTEL-IP is the new delivery channel to BACS, replacing the current BACSTEL service, giving businesses more control, increased security, easier management of their processing and a far faster service all round.

BACSTEL-IP spokesperson, Mike Hutchinson, issues this warning:

“For a business submitting directly to BACS, the migration process includes the installation of new software –which can take up to three months. With a limited amount of suppliers any company not yet registered needs to do so straight away in order to migrate inside the end of year deadline.”

According to payroll specialists PAYEpeople, too many businesses are showing ostrich-like tendencies and burying their heads in the sand ahead of the impending switch-off:

“The migration process takes time and people must act now or face the biggest financial hangover ever seen,” explains Andrew McNicholas, Head of PAYEpeople. He adds, “I find it astounding so many businesses are leaving it dangerously late.”

Are you in danger?

The change affects all businesses that submit to BACS via the BACSTEL system. 80,000 businesses have already migrated and having made the switch in good time, a staggering 87% would recommend BACSTEL-IP over the old BACS system.

What do I do know?

If you outsource your payments to a Bureau, simply complete a BACSTEL-IP application form available from your bank, or visit www.bacstel-ip.com.

Direct submitters still needing to migrate should contact a supplier of BACS approved software urgently. They must also register for the migration immediately by completing a BACSTEL-IP application form available from their bank, or visit www.bacstel-ip.com.

The BACSTEL-IP Information Centre is here to help! Visit the website www.bacstel-ip.com or call 0870 240 8138 – before it’s too late!

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