New cheque clearing system proves advantageous for business owners
The new cheque clearing system was rolled out by banks across the UK towards the end of 2017. Now, far from verging on extinction, the humble cheque is once again thriving for businesses of all shapes and sizes.
Business owners have enjoyed many benefits of cheque imaging, below are some of the most common advantages our cheque print clients say they most appreciate.
Cheques clearing within just one day
Banks no longer need to manually transport cheques from one location to another. Instead, an image of the cheque is sent between branches which means cheques can be cleared much quicker. This means that business owners get access to funds much faster than ever before, improving cash flow and, in many cases, leading to a boost in business as a result.
Cheque fraud is harder to commit
The new digital cheque clearing system offers up new ways to tackle cheque fraud and combats many of the security issues that have plagued cheque users in the past. Reducing the time between the cheque being written and the money being transferred between accounts can all but abolish fraudulent activity that could happen within this window of time. This is advantageous for everyone, particularly business owners whose assets are now further protected by cheque imaging.
Increase in cheque payments
Many people once relied on cheques as a form of payment yet in recent years, as the cheque’s popularity declined, both businesses and consumers shied away from the payment method. Making it easy to once again pay via cheque may re-engage the demographic that felt hindered by the decline of the cheque as they can once again use this method. This could lead to a huge increase in orders paid for using cheques and encourage more customers, who previously felt alienated by or unsure of ‘cash or card only’ businesses.
Easy payment for services
Some tradespeople still prefer to be paid by cheque and the introduction of cheque imaging means that business owners can once again pay for services using this payment method. It also allows businesses to keep better track of payments and to be able to provide payment without getting out cash or setting up an electronic transfer.
Find out more about the secure cheque printing service offered by Hague. We provide cheques that meet all the design and security standards set by the UK’s Cheque and Credit Clearing Company (C&CCC) that can streamline your cheque usage.
If your company processes high volumes of cheques Transaction Journal instantly automates cheque payment processing, drastically reducing management time. Contact us to find out more information.
Get in touch to find out more about your options. Just fill in our online enquiry form and a member of Hague’s expert team will contact you to arrange a free consultation.