Bank cheques to be phased out.

[Doc Hudson]

Hello Gents & Ladies, I assume others have heard this item that has been in the news this week, 'Banks will cease using cheques by 2018'. As they said on the radio this would have implications for smaller businesses, I was curious as to how this will affect some of you guys? What proportion of your current payments/receipts are by cheque?

Doc H.

 

[a1]

Was on the Radio News a couple of weeks ago, Doc.

And they may also charge for using your Debit / Cash point Card when you use it in ANY cash Machine too. (Including your bank).

Apparently, It has been alleged that banks have ripped people off to the tune on Billions of Pounds. And if the watchdog agrees, the banks will have to hand back ebery penny.

This would then be made up by several ways. One of them being 'Charging you for withdrawing YOUR money from their and anyone else's Cash Machine'.

 

[Apache]

Where I work 99% of farmers pay by cheque and 80% of small animal clients.

Anywhere between 10 - 40 cheques per day. Few people pay cash, some smallies pay by card.

 

[exbdc]

Where I work 99% of farmers pay by cheque and 80% of small animal clients.Anywhere between 10 - 40 cheques per day. Few people pay cash, some smallies pay by card.

Just out of curiosity, how many returned cheques do you get? Phasing them out would guarantee payment, save time & reduce admin. costs.

 

[Apache]

Just out of curiosity, how many returned cheques do you get? Phasing them out would guarantee payment, save time & reduce admin. costs.

one maybe 4-6 times per year. Hardly ever. Had someone's bank card bounce this week, so she put it on her credit card! :_|

 

[Andy™]

from domestic, many pay cash upto about

 

[exbdc]

it's seems there a certain Luddite mentality about this in the same way that certain sections of the community objected to the switch off of the analogue TV signal, decimalisation of money etc.

 

[Riggy]

it's seems there a certain Luddite mentality about this in the same way that certain sections of the community objected to the switch off of the analogue TV signal, decimalisation of money etc.

I had no objections to them swtching off the analogue signal, that should have been done years ago. What I objected to is them replacing it with digital!

 

[The Godfather]

Hello Gents & Ladies, I assume others have heard this item that has been in the news this week, 'Banks will cease using cheques by 2018'. As they said on the radio this would have implications for smaller businesses, I was curious as to how this will affect some of you guys? What proportion of your current payments/receipts are by cheque?Doc H.

Good, and about time.

In an age where BGC, Instant transfer and the debit card system are in place, cheques really are 'Old Hat'

The Godfather

 

[Evans Electric]

it's seems there a certain Luddite mentality about this in the same way that certain sections of the community objected to the switch off of the analogue TV signal, decimalisation of money etc.

Interesting and erudite (Wow) comments from this bloke, is he new ? Shame about his avatar thoough!!!

 

[Lurch]

it's seems there a certain Luddite mentality about this in the same way that certain sections of the community objected to the switch off of the analogue TV signal, decimalisation of money etc.

There's nothing wrong with phasing cheques out, assuming there is no need for them and replacements are suitable. I'm not bothered about cheques disappearing, yet. Most of my commercial payments are BACS which is the majority of my work, and most of the domestic work comes in in cash. I use cheques to pay some people, but I could just as easily pay cash, card or BACS.

Analogue switch off though, don;t get me started.....

 

[Subneural]

Just as a point of interest, I enquired into this a while back and as I recall without digging the paperwork out:

If you want to take a card payment its about

 

[Lurch]

I looked at various merchant services a while back for another business so we could take cards amongst other things. IIRC there were a couple of places that can process card payments for one off percentages, think they were web based, but easy enough to do with a smart phone or similar. You can also get some decent discounted merchant services if you're a member of something, like the local chamber of commerce, or the FSB do something I think.

 

[batty]

Most of my business is done by cheque in and out, some cash and very little BGC so it looks like things are going to have to change.

Batty

 

[mikel]

Most of the work I do is paid for with cheques. A lot of my area you can't get mobile signals so I might be struggling to get some card payments. Will have to look into this me thinks

 

[SPECIAL LOCATION]

Just out of curiosity, how many returned cheques do you get? Phasing them out would guarantee payment, save time & reduce admin. costs.

Probably 80% - 85% of my jobs, the customer pays by cheque...

Never had a "bounced" one.....

Occasionally a bit late arriving...

Which a card reader may improve....

but BACS payment can still wait until customer ready to process it!

The Admin costs of cheques aren't too much of a big issue for me...

But would be very interesting to know how much the running/admin costs are for a card reader machine!

:|

It will be interesting to see how this unfolds folds with the added costs that the small business man has to take on? :|

 

[Lurch]

It will be interesting to see how this unfolds folds with the added costs that the small business man has to take on? :|

My Mum will process my cards on her machine. Fairly certain she'd charge me though if I started doing it regularly, like several times a day!

 

[Apache]

We pay

 

[Andy™]

Do remember if you want to take cards over the phone you will need it on a separate phone line!

use your mobile to speak to them

 

[Apache]

[quote name='Andy