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Cheque please
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Doc HM
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Join Date: Oct 2008
Location: UKland
Status: Offline
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Mar 15, 2020, 05:12 AM
My customers used to pay me by cheque all the time. It didn’t bother me. Then the banks started hating on them and online payments became more common.
At this point I started to notice that most of my customers couldn’t even find their cheque books or even had one any more. And I certainly noticed the trips to the bank. AND the 5 working days to clear nonsense.
Then I got a card payment doo dad. Fantastic. Clients preferred it. Me too. Although they do take 2% of my income. Also if I process a payment after 4.00pm they only process it the next day, then they drop a payment on the day after that, so that can be three days.

Got a cheque last week. And guess what. My banking app is happy to photograph it. AND once scanned it becomes just another electronic payment. Cleared the next day.

I see a resurgence of cheques. Plus a Ofer a 2% pay rise (if all my customers go back to cheques).
This space for Hire! Reasonable rates. Reach an audience of literally dozens!
Join Date: Apr 2001
Location: San Antonio TX USA
Status: Offline
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Mar 15, 2020, 09:04 PM
My bank offers that sort of deposit. Take a pic of front and back (typically with their app), verify the amount is correct, and POW, it's in my account.

That 5 business day processing thing comes from having to handle the physical cheque. It has to be secured, accounted for, processed (that used to be a mind numbing MANUAL task of reading and keying in EVERYTHING on the cheque), then marked as processed and stored for audit and verification purposes.

Now they're read by machine, processed by machine, photographed for audit/verification, and probably quickly destroyed. But it's still an overhead-intensive task. So by having customers photograph, verify numbers, and retain the things, banks are saving a LOT of time and money. They really should be giving you that 2% and more.

Glenn -----OTR/L, MOT, Tx
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