cheque or check is a negotiable instrument which is instructing a
financial institution to pay a specific amount of a specific currency
from a specified demand account held in the maker's or depositor's name
with that institution.
Reduced risks of
They usually boost
sales, because buyers are not limited by amount.
Some buyers like
paying by cheque because they have a record of their payments.
Risk of getting
paid by bad cheque.
Risk of fraud and
non-suficient funds in the issuer's account to cover the cheque.
is time consuming.
services are costly.
NOTE: Since cheques include significant
personal information (name, account number, signature and in some
countries driver's license number, the address and sometimes even phone
number of the account holder), they can be used for fraud, specifically
| CHEQUE PAYMENT TIPS
| <>As a business
owner, you'll probably most often pay suppliers by issuing a cheque on
your current account. Make sure your bank statement is up to date and
keep record of all your payments.
When you send your
cheque to your supplier by mail, make sure it reaches its destination
by the due date.
Check the account and make sure you have funds to cover all your
If your payment
will be late, warn your supplier and send it when promised.
NOTE: Business owners rarely pay suppliers
in cash, but there may be occasions when you pay cash for something If
you pay cash for something, obtain a receipt or you won't be able to
claim that expense.
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