retailworld
27-02-2007, 10:38
Large companies are responding to customer spending patterns and restricting the use and acceptance of cheques and smaller, independent businesses are being urged to consider following suit.
According to payment body, BACS, over the last year, almost two thirds of adults admitted to no longer using cheques to pay for regular monthly commitments.
Research shows that, over the last ten years, cheque usage has declined across virtually all regular household and individual commitments. There has also been a decrease in the number of organisations using cheques to make their own business-related payments.
Michael Chambers, managing director, BACS, said: “For some time now, our data has indicated that cheque usage is in steady decline by consumers and businesses alike. During 2006, some British retailers stopped accepting cheques and, as some of the country’s largest corporates turn their back on the cheque, SMEs really ought to take note.”
[Source: Business Link 27th February 2007]
According to payment body, BACS, over the last year, almost two thirds of adults admitted to no longer using cheques to pay for regular monthly commitments.
Research shows that, over the last ten years, cheque usage has declined across virtually all regular household and individual commitments. There has also been a decrease in the number of organisations using cheques to make their own business-related payments.
Michael Chambers, managing director, BACS, said: “For some time now, our data has indicated that cheque usage is in steady decline by consumers and businesses alike. During 2006, some British retailers stopped accepting cheques and, as some of the country’s largest corporates turn their back on the cheque, SMEs really ought to take note.”
[Source: Business Link 27th February 2007]