Bankers’ Automated Clearing System (BACS) is now known as BACS Payment Schemes Limited. It is a payment company responsible for the clearing and settlement of direct debits in the United Kingdom (UK). A third-party payment service, its connection to banks allows it to function like a debit or credit card.
With over 140 billion completed transactions, the convenience of this as a payment method has been proven and tested. It also made partnerships with several online bookmakers for a more convenient payment method.
Aside from BACS being used in the UK, there are also BACS payments that cater to international transactions. If you’re planning to bet with this payment method, read more to discover which betting sites accept BACS.
A BACS transaction starts with the file being submitted on Day 1, gets processed on day 2, and is received on day 3.