What is BACS
BACS allows you to process direct debits from a member's UK bank account for payments on one-off invoices and automatically charged recurring invoices. Only UK-based bank accounts in GBP are supported.
Using BACS is a good alternative to using credit cards for billing. Transaction fees apply to all transactions, but BACS fees are considerably lower than credit card fees.
BACS Fees
The BACS debit fee for transactions is 1%, starting at 20p, with a £2 maximum.
You can pass the transaction fees on to your members, if you'd like. Read more on how to manage this in your community settings here.
How to add bank accounts for BACS debits
Go to the Directory tab of the admin dashboard.
Select the "Teams" option, find the desired team, and click "Manage."
Go to the team's "Membership" tab, and click "Add Default Payment Method" if they don't already have a payment method on file. If there's already a payment method on file, scroll down to the "Payment methods" section and click "+ Add payment method."
In the modal that appears, select the "BACS Debit" tab.
Click the "Send Link" button, which will email the team admin with a link to the BACS form they can fill out to add their bank account.
In the email they receive, the team admin can click the "Please add it here" link to be taken to the BACS form.
In the BACS form, the team admin can enter their bank account information, and then click the "Set up Direct Debit" button.
At this point, the bank account has been added, and is pending verification. Once the bank account is verified, you will be notified, and the bank account will be ready for use.
Receiving payments using BACS
Once the bank account has been added and verified, it can be used for one-time invoices and automatically charged recurring invoices.
Note: Invoices that are emailed to the customer cannot be paid via BACS.
BACS payments typically take up to 3 business days to process. The first time a bank account is used for a BACS debit, the payment can take up to 6 business days to process. Any subsequent payments using that bank account should process within 3 business days.
Happy Coworking!