A Bulk File is an electronic domestic based value payments system. It is a secure and reliable alternative to paper-based payments, is extremely cost efficient and supports all file types for EFT (Republic of Ireland) and BACs (United Kingdom).
Bulk Files can be used to pay staff (Direct Pay) or creditors (Direct Credit).
Bulk File delivers payment to recipient’s account directly. It operates with a simultaneous debit and credit so that you do not experience any loss of float (funds are debited from your account at the same time that credit is applied to payee(s).
The benefits of Bulk File include:
- It is quicker to process and is cheaper than standard payments
- It ensures funds are received by all payees on the same date ( all staff receive salary on the same day regardless of which financial institution they bank with).
- You can create or import a bulk payment in Business On Line.
To learn more about Bulk Payments, go to our lessons in the Training Portal here.