There are many reasons why replacing cheques with electronic payments not only makes business sense but, also saves cents. We want to share some of these reasons with you in our new Q + A series featuring businesses that have made the move to forget the cheque.
Meet Cynthia Wing, of Wings Bookkeeping located in Kanata, Ontario. Starting off her career in accounts receivable, Cynthia gradually became a bookkeeper, entrepreneur and opened Wings Bookkeeping. With a passion for business and helping others succeed, Cynthia works with solo entrepreneurs, small businesses, start-ups, non-profits and corporations. I had a chance to talk with Cynthia about her process to forget the cheque and she shared some valuable information:
What were your biggest cheque challenges?
I think the biggest challenge I faced when writing a cheque was cash flow. The lag time and lack of control over when the cheque was issued and when it cleared, was tricky for my small business. Another issue, believe it or not, was when people lost a cheque. I would have to re-issue that cheque, which was inconvenient, costly and time consuming.
How do electronic payments improve your business?
My business is 100% cheque free. Electronic payments greatly increase my ability to manage my business more effectively because I keep control over cash flow, which is very important. With Telpay, I have control over the payment date, payment tracking and you can’t lose an electronic payment, like you can lose a paper cheque.
Why do you think people have a hard time giving up cheques?
I think cheque writing is a psychological habit. We have been conditioned to have a reliance on paper, which because it is tangible, we can touch and handle it. Not too long ago CRA required actual payroll paper records to be kept for 7 years with no PDF or electronic copies allowed. These out dated practices ingrained that paper was the most important and secure record. That is simply not true, because paper records are vulnerable to fire or damage.
Where do you see cheques in 5 years?
I hope it decreases down to zero. Yet I know that some people are still stuck in their old psychological cheque habits. All I can say is that I don’t miss paying CRA remittances by cheque. Or the phone calls to CRA where you were put on hold for way too long.
Are you inspired by Cynthia to go 100% cheque free for your business? Contact us at 1.800.665.0302 to find out how Telpay for Business can help you to forget the cheque.