CMs - reviewing policies/procedures - question about payment.....

[looneytune]

All my parents currently pay me by bank transfer, this is great for me :) I have always offered this option, payment by cash or cheque. Just thinking ahead for future business and wondering if I can get away with droppinh the 'cheque' option? Do any others say they don't accept cheque? My reason for wanting to change this is that I lost some money last year (not a lot but still), long story but down to wrong name on cheque, then not signed, then left so that last payment was never sorted but they had the care. I hate cheques anyway just simply because I find it near on impossible to get to the bank (won't go during working hours, so busy at weekends) but I know I could look into posting them. I just prefer to be paid by bank transfer or cash but don't want to seem out of order.

What are your thoughts?

I think you ought to continue until cheques are withdrawn by banks

A faff, yes, but to be truly inclusive I think they should stay an option

just my thoughts

I expected that sort of feedback, never mind, will just have to be ULTRA FIRM wrt them paying the cheque a week before the due date!

Thanks for your thoughts :)

I do not accept cheques now, i got my fingers burnt last year and decided i would prefer cash, bank transfer and/or vouchers.

It is our business and we can run it the way we want

I dont accept cheques in exactly the same as most stores dont accept cheques,bank transfer is exactly the same isnt it? why waste time writing a cheque when you can instantly transfer the money! its your business and you deserve to be paid immediatly when the money is due why should you have the inconvienience of going to the bank then waiting for it to clear? write a new policy as you were going to it wont be a problem!!

i don;t accept cheques anymore

a) too much palaver
b) fingers burnt situation

your business, your rules.

I don't do cash; I like nice traceable provable payments

I specify bank transfer or sto only. Sometimes when people have issues with their banks, i have taken cash or cheque. Cheques are tricky, coz i can never get to the bank and cash just disappears somehow! Also i like the trail in my account, which shows clearly by name, who paid and when.

Thanks all. I don't like cash either but cheques I dislike more. I've decided sod it, hardly ever get cheques and whenever I have it's been problems so I will no longer accept cheques :)

you can decline to take cheques, its entirely up to you but the more choices you give the more reasons you give for parents to choose you. I don't mind cheques as I just post them to the bank, but I do ask they are paid 10 days before the due date and we consider this when we agree a payment date. I do prefer having a cheque in my hand than having to keep checking my bank account to see if a payment has gone in or not.

I've had one cheque that bounced and I now put in the contracts that the parents agree to reimburse the costs I incur as a result of their late or returned payment. For deposit payments, a place is not reserved until the payment clears.