The BACS Payment Cycle with no existing Mandate
The BACS Payment Cycle - This shows timings for the payment process when no mandate exists.
Day 1
The Mandate would be submitted to BACS.
Day 2
The Mandate would be transmitted to the Bank from BACS.
Day 3
The Mandate would be available on the account.
Also the earliest day you could submit a payment file for that Mandate.
Day 4
Files are delivered by BACS to the settling banks.
Also and rejections for the mandate would be delivered to the Merchant.
Day 5
The day the money changes hands in the bank accounts.
Also the day 99% of rejections for the payments are returned to the Merchant.
Day 6
The day 1% of rejections for the payments are returned to the Merchant.
Day 7
The day any failed transactions are revered from the service users account.