Cheques are like that relative of yours who always offers sound advice at a time of need. They’ve been around a while, so have seen it all. They frown down upon more modern areas of life and are ultimately more reliable and secure than your Uncle Keith, the football hooligan.
Many, many businesses rely on cheque usage to this day. It’s such a common payment method with a range of benefits and usage tactics. So, if your business frequently uses cheques, you’re in the right place. Here’s a quick rundown of clever cheque usage and how to get the most out of them.
What are the advantages of cheques for my business?
In general, cheques are trusted by many. They’ve been around for so long that it’s hard not to. Unlike modern banking technologies, that some businesses may not trust due to lack of security, cheques are safe. Only the person whose name is printed on the cheque may cash it at a bank, so fraud and theft is reduced.
Additionally, you can customise your cheques to reflect your business brand and theme. This lets the recipient know exactly who they’re dealing with and makes you look more professional to boot.
Please, please, check the date you’ve written!
As an overall, general rule, if a cheque is dated more than six months old then it’s considered useless. Sometimes, you may get lucky and the bank may still let you off, but it’s still vital that you check your cheques first.
A lot of banks are perfectly within their rights to reject a six-month-old cheque. So don’t cause problems for your business due to negligence.
Order in bulk to save a lot of time and hassle
If you have a lot of payments to send to a lot of different recipients, it makes sense to order cheques in bulk. Just like any other business commodity, if you need it, order large amounts to make sure you won’t run short or even run out.
By ordering cheques online, you don’t even have to leave your chair. You’ll also gain the benefit of being able to complete every payment in one go, rather than waiting potentially days in between each single one.
If you need to send payment quickly, don’t hang about
If your business is in dire need of supplies or equipment, you’ll need to get a move on when writing that cheque. It can take a number of days to clear the recipient’s bank account, so if they won’t send goods until they have received payment, you may have to wait.
To beat this time frame, send cheques as soon as possible. Don’t hang about. If you know you’ll need something for next Friday, send it on Monday morning so the payment coincides with your need. Clever cheque usage is about preempting a business requirement.
So, in short, be speedy, careful and efficient. These are three traits that business owners should possess anyway, so hopefully they won’t prove troublesome for you. Good luck checking those cheques!