In the last article we spoke about what a Service User Number is and gave step by step guides as to whether your company could be eligible to obtain an SUN, and how to apply for one. In this 2nd article of the series in December 2016 we follow on with the benefits of having a SUN.
Benefits of having a SUN
If you are considering applying for a SUN or your business has already been awarded a SUN from a sponsored bank you may be wondering what the benefits of this could be?
If you do already have your own SUN you are able to start processing your own payments without having to use a Facilities management service, this means payments are cleared directly into your account quicker without you having to use a third party organisation. The benefits of this are:
- In control of your cash flow
- No need to use a third party’s SUN.
- Trusted off customers as they know you are reliable.
- Every transaction is cleared directly into your account.
- Reduces administration time being wasted so they can focus on more important things.
- Banks trust you to manage your funds well which could be useful in the future.
- Automated payments are made easier.
- Consistent funds coming in to help your business become financially sound.
- Schedule when you will receive your payments to help plan for the future.
What are your options now?
Once you have your SUN there are two main routes you could go down. The first option would be for your business to outsource everything to a BAB (Bacs approved bureau), or if you prefer, you can purchase Bacs approved software and manage the whole process in-house.
With a BAB all the administration work is handled by a professionally trained team, which is perfect for accounts teams that are struggling for time already! Once you have set up the payments details the bureau will be able to collect/send the payment on your behalf and you can sit back and wait for the funds to either hit or leave your account – it’s that simple!
If you prefer to be in full control of your payments and would like to manage the whole process in-house then Bacs approved submission software is the option for you. Interbacs specialises in meeting customers’ requirements with our bespoke software, and we now offer cloud based versions as well as the traditional server based option. In a nutshell the software allows you to upload a payment file and send them to be processed by Bacs securely.
The beauty of choosing a supplier that is a BAB as well as an approved software supplier is that you can choose both options! Most vendors will offer a bureau contingency service which basically means they will be able to submit payments on your behalf if there was ever an issue with your software, server, computer, etc.
We will cover these options in more detail later on in the series, but if you can’t wait then get in touch with our friendly team today.
What if you’re not able to get an SUN?
If your business is unsuccessful in obtaining an SUN for your sponsoring bank then there is no need to worry, we can help.
Facilities management is a service offered to companies that were unable to meet the banks requirements. You would be allocated a SUN from the service supplier and then similar to the bureau service, all the administration work would be done on your behalf. If you have ambitions to own your own SUN in the future then this service is a perfect way of starting your journey, and we have great success rates of helping companies obtain their own SUN.
If you have any questions about Service User Numbers or if you want to find out more information on anything Bacs/Direct Debit then please do not hesitate to contact one of our team. Or you can also find additional information and updates on our social media pages, LinkedIn, Youtube, Twitter, Facebook and Google+.
0161 667 0758 or email us at firstname.lastname@example.org.
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