Tag Archive for News

The Combination of Comfort and On-The-Go Access Is Triumphing in the Market

#1-bankAt Cheques Plus we are always covering what’s happening in the financial world and today we will discuss about mobile solutions applied to finances:

We live in a digital Era where internet is making our lives more comfortable while speeding up certain processes. If you have been interested in the latest updates on the digital market, you can see that it’s clear that mobile solutions are managing to make room in this competitive world.

By looking at smartphones sales, tablets and so forth, we can clearly notice that more and more people are choosing those mobile solutions to perform different activities that in the past required a computer. The days when you needed to turn on your computer to check your email inbox, buy a product or communicate are gone. Now you have mobile solutions you can use combining comfort and commodity.

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No More Door-To-Door Delivery?

No More Door-To-Door Delivery?

Canada Post has recently announced that it will be making changes to its delivery service.  The planned changes will include the phasing out of door to door delivery as well as the introduction of community mail boxes.  There will also be an increase in postage stamps from 63 cents to $1.  However, to make postal services more accessible for customers, Canada Post plans to open up more outlet offices.

The primary reason driving this change is the fact that there has been a rapid decline in the use of postal services. Since 2006, approximately one billion fewer pieces of mail have been delivered by Canada Post as people are now choosing to use email and online payment services instead of regular post.  This has resulted in a decline in Canada Post’s revenues thus forcing it to change its strategy. It is being forecasted that Canada Post will lose nearly $1 billion by 2020.  In light of such dire projections, Canada Post has decided to alter its mode of operation.

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Why Phasing Out Cheques Is Not The Answer

The Federal Government of Canada has announced that it will be phasing out the use of printed cheques completely by 2016.  The goal of the Canadian government is to save taxpayer dollars and to use tax money wisely.

While this may be effective as far as old age security benefits, Canada pension plan, child tax benefit and pension payments are concerned, this does not in any way indicate that the use of cheques itself is likely to disappear in the near future. According to the Federal Reserve, 90% of adult consumers in the US have a checking account as compared to 70% having credit cards.  Each year, more than 20 billion cheques are written for over 30 trillion dollars. There is no doubt that in the past twenty years, multiple payment options have evolved and the face of conducting financial transactions has been transformed. Nevertheless, cheques still continue to remain an efficient, secure and comfortable method of making payments.

Cheques offer many benefits to both consumers and businesses. First and foremost, cheques provide an additional payment option.  Despite the fact that consumers can use credit cards, debit cards, prepaid cards, money orders, travelers cheques, PayPal, Zoompass, Google Wallet etc., payment through cheques is still the second most commonly used method.  Secondly, cheques give consumers a little time to stretch out their payments since processing cheques takes longer than a transaction registering on your credit or debit card.  Small businesses can still utilize the float period and for personal transactions, one can always ask friends or family members to wait a few days before cashing a cheque if one is short of cash or if there has been a delay in receiving expected funds.

Cheques are also not associated with annual or monthly charges.  Any fees associated with cheques are still generally half of credit card processing fees that merchants generally charge today. Cheques are also more secure and harder to misuse since they have to be physically deposited or need to be forged in order to be misused. On the other hand, your credit card information in the wrong hands can be misused quite easily.  Identity theft is one of the most common problems associated with credit cards but most banks offer sufficient security for cheques to minimize any improper usage.  According to the Canadian Anti-Fraud Center, 11,095 fraud reports were filed by Canadian victims in 2009 for more than 10 million dollars in losses.  Additionally, there are still many instances where identity theft and fraud with credit cards go unreported.

Payments made through cheques are protected by the Uniform Commercial Code and banking law and offer greater payment protection as compared to credit cards.  Credit cards have been associated with increasing number of disputed transactions and these transactions take months to be resolved.

Cheques are still a widely accepted payment method for bill payments and purchases.  They are also a safer alternative to carrying cash.  Businesses still prefer to pay each other and their vendors through cheque.  They do this because cheques provide them more control and improve their overall financial management. Also, generating cheques through the payroll system is a straightforward process. Direct deposit on the other hand requires more steps than cheques.  Cheques are also less expensive than direct deposit.  Companies like Cheques Plus offer affordable pre-printed computer cheques to clients across Canada. They also provide custom cheques for businesses enabling them to promote their brand more effectively.

Cheques are also easier to keep record of.  Most of us do not even know how much we’ve spent on our cards until we receive our credit card bills.  On the other hand, cheques help us monitor our expenses and keep control of our finances.  While preauthorized payments may be extremely convenient, there can be times when they can cause major financial headache.  Sometimes, payments you once authorized can become perpetual and despite repeated requests, funds can continue to be deducted from your accounts.  If for some reason, you forget to put funds in your account on the date of withdrawal, not only do you face penalties from the merchant/financial institution that was withdrawing the payment but your bank also penalizes you for non-sufficient funds.  When you make a payment with a check, you are more aware of the date that you wrote it and you are more likely to ensure that the funds are there for the cheque to clear.

Cheques also work very well for certain payments such as rent payments, school fees, donations, utility bills and so on.  Person to person transactions are also more effectively handled with cheques.  People don’t go around carrying debit machines and most people do not feel comfortable handing out their credit card information to another individual, even a friend. Cheques are a much better choice and work out most effectively in such situations. Cheques Plus provides consumers with cheques that have multiple security features in order to ensure minimum risk of fraud and misuse.  They also ship these cheques for free within 24 hours.

Overall, advancement in technology may have provided consumers several options but cheques are and will continue to remain one of the most commonly used tool for making payments.

Where To Order Canadian Cheques

In these times when we are all trying to watch our spending and stay within our budget, everything we can do to save money is important.

Did you know you don’t have to order cheques from your bank? You can deal directly with a cheque printing service.  ChequesPlus.com offers lower prices, quick turnaround of your order, free shipping and faster delivery.  How long do you have to wait for the cheques you order from your bank?

There is no obligation at all to buy your cheques from the bank.  In fact, banks only provide cheques as a service to their customers.  They don’t even care if you buy your cheques from them or not.

In addition, banks add a service charge when you order cheques and if you want specialty cheques, there can be long printing delays.  It is very frustrating to wait for your cheque order from the bank when your cheque supply is running low, sometimes it can take weeks.

ChequesPlus.com, is a company in Canada that can provide the same quality at a better price whether you are looking for personal, business or computer cheques.

When you are ordering business cheques in Canada, the biggest advantage of dealing directly with ChequesPlus.com is that you are in control of the process. You can speak with them directly and get exactly what you need for your personal, computer or business chequesIt is important that your business logo is perfectly printed, isn’t it?

You don’t have that kind of control when you order cheques from your bank.

In addition to computer cheques, ChequesPlus.com will provide cheques that are compatible with small business accounting software for business cheque printing.

ChequesPlus.com also provides computer deposit slips and templates for printing computer cheques as well as a large selection of blank cheque paper.

There is no need to be concerned about compatibility of the cheques because ChequesPlus.com only offers cheques that meet Canadian cheque guidelines and are 100% compliant particularly in the MICR line (that’s the line of numbers printed at the bottom of a cheque).

If you are interested in ordering cheques from an independent cheque printer, visit ChequesPlus.com.  They are a Canadian company specializing in cost effective, friendly service looking after computer, business and personal cheque needs as an alternative to financial institutions.

 

10 Reasons Checks Are Here To Stay

Posted by Kris Coughtry on Thu, Nov 08, 2012 @ 04:00 PM
Credit: cross-check.com

check writingChecks are the Rocky of the payments world. Even when faced with numerous payment competitors, checks keep hanging in there, again and again. They get little respect but almost every adult has a checking account. Their demise has been predicted for years, yet checks continue to be a popular, versatile and affordable way to pay for merchants, consumers and businesses.

Here are 10 reasons that checks are not going away anytime soon:

1. Consumers like payment choice. Payment options at the point of sale used to consist of cash, check or charge. Today? Think about credit card, debit card, check, money order, travelers check, prepaid card, PayPal, Google Wallet or mobile. According to a Federal Reserve report on Consumer Payment Choices the average card user has 1.3 debit cards, 3.7 credit cards and 2.3 prepaid cards. Even with all of these options available, check use is second only to debit as the most commonly used non-cash payment transaction.

2. Consumers want payment flexibility. Take a look at the resurgence of layaway programs this holiday season. We want to buy now but pay a little later and we don’t want to apply for credit. Credit cards come with long-term debt and interest. Enter check guarantee programs such as Hold Check or Multiple Check. These check payment services allow consumers to stretch out payment over a period of time, with no interest or late fees.

3. Checks are affordable to accept and process. Class action lawsuits against the credit card companies over fees charged to merchants have dominated the headlines recently. Check acceptance at the point-of-sale does not incur interchange fees. Fees are charged for guarantee and verification services, but those fees are half of typical merchant credit card processing fees.

4. Consumers don’t carry large amounts of cash. What’s in your wallet? It’s probably not much cash. Consumers carry, on average, less than $100. Checks are a safer alternative than carrying large amounts of cash and are widely accepted for purchases and payments.

5. Spending habits differ among generations. Check use is higher among the baby boomer generation than among twenty year olds. Most businesses need to cater to customers in a variety of age groups. Keep in mind that as consumers age, their needs change. The college freshman using his phone to buy sushi today may be purchasing a gourmet range with Multiple Check in the future.

6. Businesses usually pay other businesses by check. Almost all B2B payments are check based. As a business owner you probably pay your vendors by check. You probably have businesses as customers, too. Coffee shops, lumber yards, car dealers, and a multitude of business types serve business customers. Businesses like the control and financial management that paying by check gives them.

7. Checks provide merchants with payment protections that credit cards and debits do not. Checks have immediate finality of payment and merchants are protected by both the Uniform Commercial Code and banking law. ACH transactions are governed by Regulation E., a consumer protection statute giving consumers sixty days to dispute an item. Customers have months to dispute credit card transactions, too.

8. Checks provide a record of payment. Many of us remember getting a stack of cancelled checks in our bank statement each month. After a quick look they’d be stuffed in a shoebox and occasionally it would be necessary to take one out, photocopy it and use it to prove payment. Now images are stored by the bank and made available online. You can easily see where, when, how much and to whom the check payment was made out to. Even better, no more shoe boxes or cancelled checks floating around.

Federal Reserve check9. Sometimes it’s more convenient to write a check. Ok, we’re not talking about the grocery store line, but there are times when writing a check is a whole lot better than using a debit card or cash. Paying the plumber, the babysitter, the landlord or writing a check for a donation are great examples of times that a check works best. Checks provide a receipt and are widely used for P2P (person-to-person) transactions.

10. We still write a ton of them. According to theFederal Reserve over 90 percent of US adult consumers have a checking account. Only about 70 percent have credit cards according to the same study. Over 20 billion checks are written each year for over 30 trillion dollars. Yes, trillions! Checks remain a pervasive way to pay for consumers and businesses. Billions of check transactions are not going to disappear very soon.

Check services, check use and check transaction processing have undergone huge transformations in the past 20 years. Checks are efficient, comfortable, affordable and safe and no other single payment method has been able to replace them. For more information on checks and check services, contact us for a free guide.

Housekeeper Admits Fraudulently Writing Cheques From Elderly Mold Woman

Apr 26 2012 by Lois York, Flintshire Chronicle

AN ELDERLY lady’s trusted housekeeper and companion had admitted fraudulently making out cheques to herself from the woman’s bank account.

Leanne Mitchell, 34, formerly of Parc Hendy, Mold initially claimed the victim had written the cheques out to her.

Flintshire magistrates’ court at Mold was told that in an interview with the police, she claimed the 79-year-old lady had complained she did not have enough cash to live on, had made out cheques to her, and she handed the money back.

But a hand-writing expert confirmed the cheques had not been written out by the victim, who also comes from Mold.

On Friday, the day of her trial, Mitchell, now of Erw Groes, Holywell, changed her not guilty pleas.

She had denied five fraud charges – falsely representing that she had the authority of the account holder to present cheques.

But she admitted three fraud charges and asked for two others to be taken into consideration.

Sentence was adjourned.

Prosecutor Alun Humphreys said the offences occurred between November 2008 and May last year.

In June last year the victim’s son, who had authority to deal with his mother’s finances, saw a bank statement which included a withdrawal of £105.

Investigations with the bank showed just under £700 had been withdrawn from the account.

Challenged about it, the defendant first claimed that it was a Sky warranty payment.