Bacs – New campaign aims to raise awareness of account switching among SMEs

By 4th April 2018Industry News

Small to medium size businesses (SMEs) are at the heart of a new multi-media advertising campaign launched by the Current Account Switch Service, which highlights the ease with which SMEs can switch their business bank accounts.

The Current Account Switch Service is owned and managed by Bacs Payment Schemes Limited (Bacs), the people behind Direct Debit and Bacs Direct Credit in the UK, and the new campaign emphasises the simplicity and ease with which SMEs can change their business bank account provider, thanks to the seven-day switch service.

The campaign, which has been rolled out across print, digital, outdoor, radio and social media, launched this month (March) and will run for four weeks.

Since going live in September 2013, the Current Account Switch Service has facilitated over 4 million successful switches, which includes around 100,000 businesses, and has achieved a satisfaction rate of over 90 per cent.

And, following recent changes implemented by 18 banks and building societies, the process of opening a new business bank account has been streamlined and simplified, further removing the perceived barriers to switching.

Bacs’ director of product and strategy, Anne Pieckielon, said: “For too long SMEs have felt unable to access the best business bank account deals, due to the complexities of switching. Moving business bank accounts was perceived as too onerous for the majority of SMEs to consider switching seriously.

“Well all that has changed and our new advertising campaign aims to dispel the myth that switching a business bank account is too much trouble to be worthwhile. It isn’t, it’s easy, and SME owners should feel empowered and able to get the very best deal for them and their business.”

More information on the Current Account Switch Service, including the full list of banks and building societies signed-up to offer the service, can be found at www.currentaccountswitch.co.uk/business

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Notes to editors:

For further press information, please contact:  

Damion Clark or Steve Greenhalgh at Real Public Relations.

Tel: 01353 667934

M: 07789 911314 (Damion)   E: damion@realpublicrelations.com

M: 07779 129193 (Steve)      E: steve@realpublicrelations.com

 

Daniel Scaife, PR and Social Media Manager, Bacs

M: 07961 496825       E: d.scaife@bacsservices.co.uk

Kerris Macauley, Head of PR, Bacs

M: 07974 326373                       E: k.macauley@bacsservices.co.uk

 

About Bacs:

Bacs has been maintaining the integrity of payment related services since 1968, with responsibility for the schemes behind the clearing and settlement of UK automated payment methods, Direct Debit and Bacs Direct Credit, as well as the provision of managed services for third parties, such as the Cash ISA Transfer Service, and the development, management and subsequent ownership of the Current Account Switch Service.

More than 125 billion transactions have been debited or credited to British bank accounts via Bacs since its inception; in 2017, nearly 6.35 billion UK payments were made this way, while a new record was set on 30 June 2017 with the number of transactions processed by Bacs in a single day reaching a high of 111.7million.

A not-for-profit entity which has maintained carbon neutral status since 2012, Bacs is a membership company limited by Guarantee.

For further information please visit www.bacs.co.uk

About the Current Account Switch Service:

Key features of the Current Account Switch Service include:

  • The service is free to use.
  • The switch will be completed in seven working days – a substantial improvement on the previous process that could take between 18 and 30 working days.
  • The customer can choose and agree the switch date with their new current account provider.
  • All payments going out (e.g. Direct Debits) and those coming in (e.g. salary) will be moved from the old account to the new account.
  • Payments accidentally made to or requested from the old account will be automatically redirected to the new account for as long as the facility is required.
  • The Current Account Switch Guarantee means that the customer will receive a refund of interest and charges on their old and new current accounts if anything goes wrong with the switch.

As of 1 April 2015, the eligibility criteria for businesses, charities and trusts was extended.  SMEs with a turnover of up to £6.5 million, small charities with an annual income of less than £6.5 million, and small trusts with a net asset value of less than £6.5 million can switch their current account provider using the Current Account Switch Service.

The service was previously available for small businesses with a turnover of 2 million euros (or sterling equivalent); and this extension increases the reach of the service to 99% of the UK’s SME market.

Bacs is responsible for all aspects of the service including working on the recommendations in the Financial Conduct Authority’s ‘Making Current Account Switching Easier’ report, and the findings from the CMA’s market investigation into retail banking.