TALL Group’s Interpretation Of Pay.UK Report Highlights Continuing Importance And Value Of Cheques
The TALL Group of Companies has welcomed the latest Pay.UK report entitled: ‘Attitudes to and usage of cheques’ as ‘more proof of the continuing importance of cheques for businesses, charities, schools and consumers.”
Martin Ruda, Managing Director at The TALL Group of Companies, explains: “As with all research there are several possible different interpretations of the data and whilst we do of course accept that cheque usage is declining, we don’t feel that this is the whole picture. For example, the research also showed that 56% of businesses say it would be a problem if they had no cheque book on their current account and amongst charities this was as high as 80%, (and 48% in schools). This is extremely important and should not be dismissed.”
In addition, the research shows that amongst businesses, a third of those issuing cheques say the recipients (payees) insist on receiving cheques and won’t accept alternatives whilst 13% say that it is too difficult to get bank account details to enable an electronic payment. Amongst charities, over 60% use (issue) cheques because the payee won’t accept alternatives and 34% say it is too difficult to get account details.
As far as the future is concerned, 62% of businesses think cheques will continue as a payment method as do 67% of charities and 58% of schools. The data also shows that 95% of charities received cheques which are mainly donations and 23% of businesses who receive cheques prefer to be paid that way.
“These numbers are not insignificant and it is important to note that cheques are one of the national payment schemes and their continued usage is supported by the government and the banks. In fact, there has been a recent and major change in the way cheques can be deposited remotely in the UK via cheque imaging following significant investment by the banks.
“It is therefore surprising that the report also makes no mention of the data that was gathered concerning awareness and likelihood of the use of cheque imaging to deposit cheques remotely. The data shows that amongst consumers 59% are aware of cheque imaging (mobile remote deposit) but more importantly that 58% of those who are unaware are likely to use it if offered by their bank. Amongst businesses (where mobile or desktop remote deposit can be offered) these figures rise to 59% and 76%. This is important research and clearly shows that cheques continue to be a popular and in some sectors a preferred payment method.”
Download the Pay.UK report from this link “Attitudes to and usage of cheques”