warksfarmer
Member
80% cheque here.
Refusing to take cheques
- Thread starter Steevo
- Start date
80% cheque here.
Lazy Sod
Member
- Location
- Warminster Wiltshire
If you're on here, you can use a phone or desk top computer, so why not use BACS?
- Location
- East yorks
dad has mobile banking for personal use but won't do any transactions on it without me stood there in case he messes it up
TheTallGuy
Member
- Location
- Cambridgeshire
The key points are that Legal Tender only applies to the settlement of a debt & cheques are not considered legal tender. https://www.bankofengland.co.uk/knowledgebank/what-is-legal-tender
The problem comes in that if your customer or market/whatever insists on using cheques which you refuse to accept then it becomes a long drawn out process to recover the debt through the courts & bailiffs.
There's no legal requirement to accept any particular form of payment if the goods or services have not been supplied - i.e. a debt has not yet been incurred hence how shops and bars etc are able to insist on card payment only.
- Location
- Lincolnshire
They are a utility company. Their guiding business philosophy is to do FA unless somebody pays them mightily to do it.
I am learning from them.
TheTallGuy
Member
- Location
- Cambridgeshire
Some banks do charge business users for BACS payments, usually up to 50p per transaction.
I did not know there was a limit on a cheque . I knew we have a day limit.
The last time I used my cheque book was 3 years ago at a farm sale.
Timbo
Member
- Location
- Gods County
HSBC is free for BACS payments, but 50p for the transaction.
£1.00 to pay in a cheque + 50p for the transaction. £1.00 to process a cheque that I write.
I don't do cheques.
john432
Member
- Location
- Carmarthenshire
They probably save a fortune too... All the checks for £6.73 or less, that get put in the drawr ,thinking can't be bothering talking that into the bank ,I'll do it some other time.........
Coximus
Member
I hate cheques with passion - but they do have an advantage, that once written the "cheque rule" makes it illegal to not honor them as a contract - so you have an extra way of enforcing debt if they are not honored.
That said I changed banks to online onle TIDE and have no accepted one since - cash or bacs, but it dont sell anything thats not paid for before I leave, so it was always going to be BACS or Cash in my world.
Its why i use my local market as Ive always been paid before Ive finished my bacon sarnie.
That said I changed banks to online onle TIDE and have no accepted one since - cash or bacs, but it dont sell anything thats not paid for before I leave, so it was always going to be BACS or Cash in my world.
Its why i use my local market as Ive always been paid before Ive finished my bacon sarnie.
- Location
- Huntingdon
Some companies pay by cheque , because they know you only go to the bank say, once a week or less, so taking into account the time to post and get it delivered, you to open it and then go to the bank, compared to a next day BACS , has massive implications on their cash flow.
So basically using the natural delay with cheques as working capital / cash flow
if you are a big business( high turn over) the % finance cost on that would be incurred on the payment run could be significant
So basically using the natural delay with cheques as working capital / cash flow
if you are a big business( high turn over) the % finance cost on that would be incurred on the payment run could be significant
TheTallGuy
Member
- Location
- Cambridgeshire
Most banks incentivise using BACS over cheques as they are much cheaper to process and don't require books printing.
- Location
- Ceredigion
You can pay cheques in on your phone now ,
- Location
- Ceredigion
Some don't trust bacs , and thanks to King John they have the choice not to
john432
Member
- Location
- Carmarthenshire
Online banking is brilliant, last cheque I wrote was for the shotgun licence fee.
Just an example, last spring ,bloke in Pembrokeshire had a 6m power harrow for sale. He said it was perfect, I said if you can bring it up, do a few acres, and if it's as you say ,I'll buy it. So on a Sunday afternoon, out in the sticks, in the hills of north Carmarthenshire... Both with our phones, I could do him an online payment , done in a few minutes... He had the money in his account, I had the harrow, both happy people.
Just an example, last spring ,bloke in Pembrokeshire had a 6m power harrow for sale. He said it was perfect, I said if you can bring it up, do a few acres, and if it's as you say ,I'll buy it. So on a Sunday afternoon, out in the sticks, in the hills of north Carmarthenshire... Both with our phones, I could do him an online payment , done in a few minutes... He had the money in his account, I had the harrow, both happy people.
- Location
- Aberdeenshire
As stated on the thread already only with certain banks and under certain amounts, no blanket statement that you can pay in by phone is correct.
I don't accept cheques as I prefer to have the money and goods change hands at the same time, pre-payment with BACS is fine, don't have a card machine so cash is the other way. In the past payment by cheque always incurred a charge that I added to the amount as I need to drive to the bank and go through the hassle of depositing the cheque, my bank doesn't do phone scanning of the cheque still need to hand it in or send it in the post.
2 reasons.....
My bank has refused my request to bank online,
Security. I don't think I'm savy enough to avoid scams etc.
Paying in cheques has become a PITA lately, I'll admit. I tend to pay people by cheque, and expect to be paid via BACS in return.
- Location
- Ceredigion
We all have our reason and different ways of trading ,i have a lot of monthly accounts so cheques don't bother me ,we also have a card option
- Location
- Scottish Highlands
The same banks as also charge for accepting and paying by cheques.
- Location
- South Wales UK
All delaying tactics possibly.