Technology and payment
BACS payments
BACS payments allow a company to transfer money securely and quickly between bank accounts. They are used by the finance department to pay staff wages or to pay suppliers.
EFTPOS
Electronic funds transfer point of sale (EFTPOS) is an electronic method of paying for goods exactly where you purchase them. This can be done through:
- debit card
- credit card
- contactless
- app payments such as Apple Pay and Google Pay
This is advantageous for the finance department as there is less cash within the business, leading to greater security.
Internet banking
Internet banking will save the company time as it reduces the need for employees to take trips to the bank.
Fund transfers can be made instantly and more conveniently as they are completed through phone apps or by using computers.
Finance departments can also use online banking to import banking information into their accounting software. Increased computer security is required to safely process information and banking can only be processed if the technology is working.