Over one-third of small businesses have no plans to meet the deadline for switching to the new online BACS system at the end of the year, despite widespread knowledge of the new payments platform, according to a new survey by BACS Payments Schemes.
The current BACS system will be switched off on 31 December 2005, and users are required to switch to the new online system, BACSTEL-IP, before the deadline – or risk direct debit or payroll failures.
Four out of 10 small businesses that have heard of BACSTEL-IP are unaware that December is the date when the process needs to be completed.
And one-quarter of respondents are looking to leave the switch to the last minute.
Mike Hutchinson, marketing manager, BACSTEL-IP, said: ‘The small business market makes up about £500bn of the UK’s GDP and it is vital that this crucial sector starts planning now, as there are only a few months until the migration deadline. Unless companies instigate plans to migrate straight away, they may well have to resort to making wage and other payments using cheques or even cash.’
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