Reply to: getting paid by cheque? irritating?

[psychocandy]

Santander do postal banking as well. But then you have to find the time to go to a post box.

Until either royal mail or Santander lose it that is. Quite likely.

[TheFaQQer]

The only thing which would irritate me about being paid by cheque is having to find time to visit the bloody bank.

Santander do postal banking as well. But then you have to find the time to go to a post box.

[GillsMan]

The only thing which would irritate me about being paid by cheque is having to find time to visit the bloody bank.

This. One of my clients pays by cheque, reasonably well-sized Lloyds of London Insurance Co based on Leadenhall Street. Bit strange, and mildly irritating, but not enough for me to put up any fuss. Particularly as the gig's quite easy.

[pmeswani]

K2P2 is way ahead of you on this one. She goes for a bit more of a direct approach...

I heard you taught K2P2 everything she needed to know about being direct.

[JamJarST]

The only thing which would irritate me about being paid by cheque is having to find time to visit the bloody bank.

Yep that would be the most irritating part for me too.

[d000hg]

The only thing which would irritate me about being paid by cheque is having to find time to visit the bloody bank.

[SueEllen]

yeah I mean they must make money on interest, by keeping the money there as long as possible or something..right?

Lots of business current accounts pay no interest.

Or in terms of your client the fact that they can pay you as late as possible means they have less interest added on to their overdraft.

[Greg@CapitalCity]

yeah I mean they must make money on interest, by keeping the money there as long as possible or something..right?

Hey jonson, I think you misunderstood me. Think of a business with £500,00 in the bank, debtors of £2m who will pay in 25days time, and whole pile of creditors that need to be paid £600,000 within 30days. If the company pays all its creditors within 7 days it runs out of money - if the company holds off on the creditor payments until 30days is up, it lives to fight another day. See what i mean when I say 'business financing'? Timing can be important.

[jonson]

Especially these days with electronic banking etc. However its tough times for a some people, and some companies figure that paying their creditors right on the time limit is an effective and cheap source of business financing.

yeah I mean they must make money on interest, by keeping the money there as long as possible or something..right?

[Greg@CapitalCity]

Of course the work I did was used immediately, the day after I finished..I just find this a cheap trick

Especially these days with electronic banking etc. However its tough times for a some people, and some companies figure that paying their creditors right on the time limit is an effective and cheap source of business financing.

[d000hg]

Just phone up and speak to their accounts department.

[northernladuk]

I tend to smile sweetly at clients and say that my small business bank account precludes me from cheques these days and please can they make sure they pay me electronically. So far no-one has queried that....

K2P2 is way ahead of you on this one. She goes for a bit more of a direct approach...

[JamJarST]

I'm an accountant by training and cheques are normally only used these days if the company wants to make sure the cash ISN'T coming out of its bank account at month end - usually because there are tough banking covenants in place that look at actual cash in the bank as part of their calculations.

I tend to smile sweetly at clients and say that my small business bank account precludes me from cheques these days and please can they make sure they pay me electronically. So far no-one has queried that....

Using your feminie charms is an unfair business practice

[SarahL2012]

well cheques must be cheaper..I clearly gave them instructions on my invoice to pay electronically, in 21 days

instead they ignore it all

I'm an accountant by training and cheques are normally only used these days if the company wants to make sure the cash ISN'T coming out of its bank account at month end - usually because there are tough banking covenants in place that look at actual cash in the bank as part of their calculations.

I tend to smile sweetly at clients and say that my small business bank account precludes me from cheques these days and please can they make sure they pay me electronically. So far no-one has queried that....

[jonson]

I get paid by cheque by a few clients. Its generally as they don't have my bank details and they revert to cheque as default method of payment. Once I had a word with them they changed it.

Cheap trick or not the amount of cash flow that can be saved by taking payments up to the wire in big companies is quite large.

well cheques must be cheaper..I clearly gave them instructions on my invoice to pay electronically, in 21 days

instead they ignore it all