Your customers will still be able to pay you by cheque, but you'll no longer be able to take down their cheque guarantee card number to ensure payment.
We're can't remember the last time we saw someone using a cheque guarantee card, so we're not sure what difference this will make. But this minor landmark highlights the continuing decline of the cheque as a method of payment.
Cheque alternatives are beginning to appear, one of which is the PayPod. This is a small handheld terminal that businesses can use to take payment via credit or debit cards.
It doesn't appear to be available just yet, but you can register your interest on the slick PayPod website. Here you'll be able to watch a very short video explaining how PayPod works, narrated by a woman with a refreshingly English accent. We've become used to everyone online speaking with an American twang.
PayPod claims to be a much cheaper solution than that being offered by the major banks and will offer a Pay and Go option, implying that you'll only be charged as you use it. It's aimed at anyone who would previously have taken cash or cheque payments from customers, and particularly those who are mobile.
Cheques will continue to be processed by the banks until 2018, although the cheque guarantee scheme ends this year. So there's still plenty of time to see what other payment solutions make an appearance in the coming months.
If you're interested in finding a cost-effective way to take money via credit or debit cards in the near future, it may be worth looking into what PayPod has to offer.
