Cheque payments convenient for many consumers
June 2, 2008
Over recent months a number of major retailers throughout the UK have started to phase out cheque payments, stating that this method of payment is costly and time consuming to the business, and that not enough consumers pay by cheque these days and therefore the cost and time involved in cheque processing cannot be justified. However, according to a recent report many consumers still want the choice of being able to pay by cheque, and for many spenders paying by cheque is a convenient option.
The report from the consumer campaign group Which? suggests that although most people admit to using cheques far less these days than they did five years ago most would still prefer to have the option of being able to pay by cheque should they wish to do so. However, in many places this will be impossible because more and more retailers are deciding that they will stop accepting cheques or have already stopped accepting cheques as methods of payment.
According to an official from the Federation of Small Businesses being able to pay by cheque was still an option that people want, and this method of payment should not be underestimated. He stated: “A large proportion of our members and small businesses in general still deal in cheques. They shouldn’t be penalised for that and should be able to carry on.”
Over 70% of consumers did admit to using cheques far less than they used to according to the report. Between 1990 and 2005 figures suggest that the use of cheques had halved in the UK. Amongst those that have stopped using cheques or that are planning to phase out the acceptance of cheques are Boots, Shell, Asda, Sainsbury’s, and Tesco.
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