Taking cheques – do you?

Most of our invoices are now paid electronically via BACS, standing order or direct debit, but having not had any for a while in the last week we received 2 cheques for payments.

Obviously I don’t have a problem receiving cheques, the bill is still being paid after all, but it made me realise the extra effort that needs to be made to bank them. If a payment is made electronically, it can be in the bank the same day, or very shortly after, and all I would have to do is log on to my account to check the payment is there. When it comes to cheques though, I have to fill in a paying in book, a separate record and a special envelope to enable me to pay it into my local post office. I then have to travel the 3 miles to the post office or over 20 to my nearest branch to pay the cheque in. After that the money is still not in my bank account, I still have to wait until the cheque has cleared. This can be between 3 and 5 days. How much extra time has this taken me?

I won’t begrudge any of you that like paying by cheque, some things I have to pay be cheque as electronic payments are unavailable at some places, but are you still accepting cheques in your business or do you prefer the quicker (and less hassle) electronic payments? I agree the nature of your business could be different to mine, but when you look at the time involved, I’m sure you would agree that electronic payments are so much easier 🙂


4 thoughts on “Taking cheques – do you?

  1. I know what you mean. I paid in a cheque recently and noticed that it was more than six months since the previous one I received. BACS/online is very convenient and I prefer them. I don’t mind cheques, but the need to make a specific trip to the band and the wait for clearance can be an inconvenience. However, our bank staff are very good and I enjoy seeing them. If there were no cheques, I would probably never go in the bank.

    • I suppose you are right in what you are saying about that if you don’t have cheques you would never go into the bank, which is a shame in some ways if the staff are good. The same goes for me in some respects at the local Post Office where I usually pay mine in, you get a really good service and the staff are good – being a small Post Office I’m even on first name terms with the Postmaster:-)

  2. Pingback: Cheque | Rafferty's Rules

  3. Pingback: Standardization and Enhancement of Security Features in Cheque Forms/Migrating to CTS 2010 standards | Simple Financial Mantras

Comments are closed.