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What is a BACS payment?

Put simply this stands for "Banks Automated Clearing System" or perhaps "Bankers Automated Clearing Services".

This is the system used by banks to allow people to pay bills or transfer money directly from their bank account to another bank account. We make use of this system to pay our members their cashback directly into their bank accounts.

If you want to read more about this service, we would suggest following this link to Wikipedia. BACS
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