What to do after cheques get cancelled

[skyhuck]

I think the biggest problem with the cheques system from now on is the withdrawal of the cheque guarantee scheme on the bank cards. Without this there will be no support, surely this will lead to the demise of the cheques much sooner. Many businesses already refuse to accept cheques as payment for this reason.

 

I've never asked people to put their card number on the back of the cheque, we don't really need it as we know where they live.

[Kev Stephenson]

More and more of my customers are paying by BACS, if nothing else it saves them the cost of a stamp to post the cheque. Even some of the older generations are paying BACS via the post office when they draw their pensions, I put the account number and sort codes on all invoices so it is easy.

 

More than half of my customers are not in when we work and usually don't see me after I have quoted the work so it is trust that they will pay. It isn't as if we can take back what we have done. I spend enough on fuel pricing work and getting to the job to do the work. I don't want to have to spend more on fuel to pick up cash

[Rupe]

I have never asked for a gaurantee card, like huck says you know where they live.

 

going back to the original title of the thread

 

"What to do after cherques get cancelled". Well, whatever the solution is we will all be doing it well before cheques get canceled. It wont suddenly happen and then everyone is stuffed, looking at each other shrugging their shoulders, wondering what to do next!

[mr kipling]

had a lot of customers asking to pay by online bank transfer lately started putting bank details on invoices now can do it whilst you still standing there all good cheaper too.

 

chris

[tomtrees]

I have never asked for a gaurantee card, like huck says you know where they live.

 

going back to the original title of the thread

 

"What to do after cherques get cancelled". Well, whatever the solution is we will all be doing it well before cheques get canceled. It wont suddenly happen and then everyone is stuffed, looking at each other shrugging their shoulders, wondering what to do next!

 

Dont count on it the banks have lent so much money that they havent got in order to repay to creditors staff tax ect.

 

They are continualy having to find more and more people to lend too, plus every person that borrows money has to pay back interest so even more money has to be created from nothing to find the interest.

 

Interest rats have droped in order to atract more and more people to borrow to continue this growth.

 

If suddenly some one big cant pay which may happen in the EU we go back to trading monkey nuts

 

So tree surgeons should be ok

[likeitorlumpit]

had a lot of customers asking to pay by online bank transfer lately started putting bank details on invoices now can do it whilst you still standing there all good cheaper too.

 

chris

 

BUT

Is it cheaper

You can bank as many cheques as you like for one charge

with bacs its one charge per transaction

[skyhuck]

BUT

Is it cheaper

You can bank as many cheques as you like for one charge

with bacs its one charge per transaction

 

I'm not charged for making bacs payments or receiving them.

 

Do any banks charge for receiving them??

[Kev Stephenson]

Bacs free, in fact all electronic transfers in and out are free and unlimited

 

Cheques are limited to max 20 per month free and cash is charged at 1.5% in or out

[Rupe]

Dont count on it the banks have lent so much money that they havent got in order to repay to creditors staff tax ect.

 

They are continualy having to find more and more people to lend too, plus every person that borrows money has to pay back interest so even more money has to be created from nothing to find the interest.

 

Interest rats have droped in order to atract more and more people to borrow to continue this growth.

 

If suddenly some one big cant pay which may happen in the EU we go back to trading monkey nuts

 

So tree surgeons should be ok

 

Dont be rediculous, your talking about economic breakdown, thats totally different from withdrawing cheques in order to move onto something more in keeping with modern times. Your talkign about a situation where there is no more money, so cheques cease to work, not cease to be in use.

 

Sure if more countires default on their existing loans (greece for example) then we would be in very difficult times but that is not what we are discussing.

[Rupe]

Bacs free, in fact all electronic transfers in and out are free and unlimited

 

Cheques are limited to max 20 per month free and cash is charged at 1.5% in or out

 

I'm, wondering if there is some confusion with the term BACS?? It has become a generic term for online banking but I'm not sure if it is correct.

 

Online banking is free, there is no doubt about that. YOu set up your bank account on your computer and control the spending of bills and transfers of money to your own and other peoples accounts. Thats definatly free but not necessarily "BACS".

 

 

If you phone your bank and ask them to make an electronic transfer then that might be chargeable, I'm not sure, and that might be what BACS means.

 

There is also fastrack payment, I have had companies that have messed up and not paid me for months and when they finally reaslis the mistake they do a special quick transfer which definatly costs them. I dont htink thats bacs, I think its something else but it definatly costs.

 

 

So, like I say, I'm not sure about this terminolgy but BACS seems to be used in a generic way. Some people seem to be charged for electronic transfers but thye shouldn't be, online banking is definatly free.