Published on Friday, February 27, 2009
Over its 350 year lifespan, the cheque has provided millions of people with a way to transfer money securely but is now considered an archaic and needlessly time consuming payment process.
Statistics released by The Cheque and Clearing Card Company this year has shown that business cheque usage peaked during 1997, with 1.2 billion processed. Ten years later this number has nearly halved, with just over 700 million made annually. Compare this with a Bacs submission increase (Direct Credits, Direct Debits and Standing Orders) of 8 billion to 16 billion over the same time frame, and it's clear to see where the former cheque users are migrating to.
Bacs software providers offer their users a direct and secure platform for organisations to send payments of any type to Bacs and with a host of payments technology developments on the horizon, there really has never been a better time to transform your business cash flow.
So here's wishing the cheque many happy returns on its 350th birthday, but perhaps now is the perfect time to plan for its retirement?
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