By Kevin McDonald, Graduate Product Manager at Sage
Using the ePayments feature in Sage 50 allows you to make electronic BACS (Bankers’ Automated Clearing Services) files to pay your suppliers.
What flavour of Sage 50 is this feature available in?
Is this feature available in Sage Instant Accounts?
Yes. It is also available in Sage Instant Accounts Plus.
How does it work?
A small plugin file needs to be installed on your PC where your Sage 50 Accounts program is held. This plugin is specific to the bank you are with. AIB plugin, BOI plugin etc. This ensures that the output file format is correct and can be read by your relevant bank.
How will using ePayments benefit me and my business?
- Control cash flow – when you initiate an automatic electronic payment, you know precisely which day it will clear from your account.
- Pay accurately every time – no need to re-enter payments.
- Make faster payments – no need to write out cheques and post them.
- Save money – processing payments electronically is nearly always cheaper than the cheque method.
- Be secure – no need to have cash on premises and no lost or stolen cheques.
- Credit Control – No more suppliers chasing for revenue that has not been paid due to a cheque lost in the post.
How much does this feature cost?
This feature is available to use in the program once you have installed the relevant banking plugin, which is free.
What Irish banks are compatible with this feature?
This feature is compatible with most major Irish banks including AIB, Bank of Ireland and Ulster Bank.
Is this feature SEPA compatible?
Electronic payments are becoming more and more popular as people move away from cheque payments. According to the IPSO, Irish Payment Services Organisation Ltd, cheque spend is down by 62% and more and more Irish businesses are now choosing automated payments over manual posting of cheques.
More information on ePayments in Sage 50 is available in this ePayments video.
Feel free to leave a comment below if you have any questions and I will get back to you.