Automated Payments
In the same way that technology has impacted the way we choose to live and work, so it has changed our payments. Increasingly, we are choosing to use automated payments rather than paper-based payments behaviour such as cheques and bankers' drafts.
In 2009 there were a record 6.2 billion automated transactions (5.6 billion of those were processed by Bacs).1 92% of automated transactions are bulk transactions generated by organisations and businesses both large and small and are:
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Direct debits, used mainly to pay utility bills, life and general insurance premiums and various subscriptions;
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Direct credits, used mainly for salary payments, pensions, annuities and child benefit.
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The remaining 8% is made up of inter-bank telephone and online banking payments and standing order payments.
Click on the links below to find out more about the five main automated payment methods:
Standing Orders
What they are, how they work and FAQs
Bacs Direct Credit
The fastest growing of all payment methods.
Internet and Phone
An increasingly popular way of making payments.
Bacs Direct Debit
The easiest way for you to pay your household bills or make regular payments
1 source: UK Payment Statistics 2010, table 26.1
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