This method of payment has been the heart of payments in industry for many many years. Last year alone this payment method tranferred over 5.6 billion payments with a value of £3.83 trillion GBP.
The e-lottery/VWD will submit a "BACS" request once a week, normally on a friday. Once this request has been made it wil take three working days to arrive in your submitted bank account.
This facility is only available for direct credit payments only. Members cannot pay for there syndicate payments with this method.
Heres the advantage of BACS over cheque payment.
- No waiting for the cheque to arrive in the post.
- No travelling and queing to pay the cheque into the bank.
- More importantly, no waiting for the cheque to clear.
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