Abolition of cheques
So the long forecast demise of cheques will now happen in 2018. Probably.
It is clear that private consumers are expected to move to the use of cards and other similar methods over the next number of years. Whilst that may be fine for the vast majority, there are still many, many people who do not want or cannot get a debit card.
They will either have to stick to cash; the banks will have to devise new payment methods; or third party providers are going to have to find solutions.
For smaller businesses the situation is potentially much more serious, as we receive the vast majority of payments (by number) by cheque.
How are smaller businesses going to cope with making and receiving payments?
In the expectation of the change, we have been working hard over the past 18 months to develop alternatives for small and medium-sized business, and this concluded the very expensive process with us becoming a BACS Approved Bureau just recently.
There are only 20 or so Scottish based bureau, and we are now able to help our clients by making payments direct out of their bank accounts to suppliers and employees. We will shortly be able to provide debit facilities too, allowing suppliers to collect money due to them from customers.
There is no doubt that this is going to be a growth area over the next few years, and we already process over £20m annually in payments for clients across the UK.
Here endeth the advert.
It is clear that private consumers are expected to move to the use of cards and other similar methods over the next number of years. Whilst that may be fine for the vast majority, there are still many, many people who do not want or cannot get a debit card.
They will either have to stick to cash; the banks will have to devise new payment methods; or third party providers are going to have to find solutions.
For smaller businesses the situation is potentially much more serious, as we receive the vast majority of payments (by number) by cheque.
How are smaller businesses going to cope with making and receiving payments?
In the expectation of the change, we have been working hard over the past 18 months to develop alternatives for small and medium-sized business, and this concluded the very expensive process with us becoming a BACS Approved Bureau just recently.There are only 20 or so Scottish based bureau, and we are now able to help our clients by making payments direct out of their bank accounts to suppliers and employees. We will shortly be able to provide debit facilities too, allowing suppliers to collect money due to them from customers.
There is no doubt that this is going to be a growth area over the next few years, and we already process over £20m annually in payments for clients across the UK.
Here endeth the advert.
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