Softrak Systems predicts that by 2017 that businesses will only issue printed cheques when an unexpected situation arises that prompts the company to issue a manual cheque. We concur 100%. A small supply of cheque stock will be on-hand for these one-offs. For regular payables “cheque runs”, e-payments will be the norm for businesses of all sizes and industries.
With the emergence of new digital forms of payment such as email money transfers, use of paper cheques has been steadily on the decline in Canada, shrinking by roughly five per cent a year, according to the Canadian Bankers Association. With advancements in payment technologies that enable services like wire transfer, debit payments, PayPal and Bitcoin, electronic payment has now become ubiquitous.
Most major banks and credit unions in North America offer mobile apps that allow consumers to deposit cheques by simply taking a picture of the cheques.
Small businesses that are comfortable with printed cheques, and unfamiliar with the new technology for payments, are also grappling with the escalating cost of paper cheque stock and the rising cost for clearing printed cheques through their bank. This is quickly forcing small business owners to reconsider employing e-payments over cheques.
In 2015, the paper cheque is still alive, but in a much reduced capacity than it was a decade ago. Ten years from now, a paper cheque will go the way of the rotary phone and the fax machine. Technology will continue to add convenience and efficiency to business processes such as payments.
At AccSys Solutions we use and recommend Telpay for Business. Telpay features password protected single and dual payment authorization and system access, allowing you to replicate internal controls. With enhanced reporting, Telpay allows you to maintain a clear audit trail of all payments, including accounting distribution and payment history. With no outstanding cheques, bank reconciliation is easy. Telpay for Business allows you to pay 100% of your suppliers, employees, CRA remittances and international payments all in one easy to use system. We encourage you to check it out. No pun intended!
See more posts like this at Softrak’s blog here.
