Despite their heavy reliance on cheques as a
daily payment method, research by payment services provider
WorldPay has found three quarters of UK SMEs are unaware that the
cheque guarantee card scheme is to be phased out from June
2011.
Almost half (45%) of the small businesses and
start-ups surveyed in the study were unaware that there are talks
in place for the cheque to be phased out completely in 2018.
Go deeper with GlobalData
“The death of the cheque guarantee card system
will present UK start-ups and sole traders with a number of
challenges with many of them relying on this method of payment,”
said Chris Thorne, SVP for SME sales at WorldPay.
“SMEs need to made aware of the implications
of this change, and need to be supported in their move to other
payment methods.”
Indicating that there is still a long way to
go in preparing businesses for the shift, the research also
identified that 62% have not made any plans for an
alternative payment method and 29% say they still expect to
rely on cheques over the next few years.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
