The British Wool Marketing Board (BWMB) has announced from the start of the 2016 wool season all producer payments will be made using BACS which is a scheme for the electronic processing of financial transactions direct into bank accounts.
The BWMB first introduced BACS as a payment option for producers in the 2012 season, with the majority currently registered and benefitting from receiving their payments in this way.
“By introducing a full BACS system from May 2016, it will ensure our payment systems continue to be effective and efficient. Those producers already registered and receiving their payment by BACS benefit from a quicker, more secure and efficient payment.”Ian Buchanan, BWMB chairman
Ian Buchanan, BWMB chairman said: “By introducing a full BACS system from May 2016, it will ensure our payment systems continue to be effective and efficient. Those producers already registered and receiving their payment by BACS benefit from a quicker, more secure and efficient payment. Receiving payment by cheque, from the time it’s issued, mailed to the producer, presented to the bank and gone through the bank clearing process, it could be anything up to 14 days before the funds are cleared in the producer’s bank account.”
Mr Buchanan continued: “The BACS system is also far more cost effective with the cost of payment by cheque approximately 3 times more than BACS – the development of this policy will see us continue to provide our producers with a cost effective and high quality service.”
Paula McCarten, BWMB producer services manager added: “We’ll be making contact, by letter, with all producers who currently receive payment by cheque enclosing a BACS authorisation form for completion in the coming days. We’d encourage all producers to respond as quickly as possible as a prompt response will enable us to update our registration and payment details in plenty of time ahead of May 2016 when the new BACS payment policy will be implemented.”