Tag Archives: Direct Payments

Telpay Payment News
Bringing You Payment Insights, Trends and Best Practices

Who is Still Using Paper Cheques?

Guest Blogger: Our guest contributor is Douglas Dickie, President of AccSys Solutions, the world’s largest Adagio Accounting consultant reseller and has mentored over twenty Adagio Dealer Business Partners across North America. Article reposted with permission

With the emergence of new digital forms of payment such as email money transfers, use of paper cheques has been steadily on the decline in Canada, shrinking by roughly five per cent a year, according to the Canadian Bankers Association. With advancements in payment technologies that enable services like wire transfer, debit payments, PayPal and Bitcoin, electronic payment has now become ubiquitous. For regular payables “cheque runs”, e-payments are fast becoming the norm for businesses of all sizes and industries. Many businesses now only issue printed cheques when an unexpected situation arises that prompts the company to issue a manual cheque.

Small businesses that are still relying predominantly on printed cheques are also grappling with the escalating cost of paper cheque stock and the rising cost for clearing printed cheques through their bank. This is quickly forcing small business owners to reconsider employing e-payments over cheques.

Ten years from now, a paper cheque will go the way of the rotary phone and the fax machine. Technology will continue to add convenience and efficiency to business processes such as payments.

At AccSys Solutions we use and recommend Telpay for Business. Telpay features password protected single and dual payment authorization and system access, allowing you to replicate internal controls. With enhanced reporting, Telpay allows you to maintain a clear audit trail of all payments, including accounting distribution and payment history. With no outstanding cheques, bank reconciliation is easy. Telpay for Business allows you to pay 100% of your suppliers, employees, CRA remittances and international payments all in one easy to use system. We encourage you to check it out. No pun intended!

 

Telpay Payment News
Bringing You Payment Insights, Trends and Best Practices

Best Practice: Electronic Payments to Suppliers

bestpractice-blog

 

In today’s buzzwords, quite often you hear about best practices, but what does that mean?  According to the definition, “a best practice is a method or technique that has consistently shown results superior to those achieved with other means, and that is used as a benchmark.” 

In accounting and bookkeeping, many best practices deal with consistency, functionality and efficiency, along with saving money and time.  For payroll do you remember how long it used to take to write a cheque, get it signed and distribute?  This is certainly not a best practice anymore.

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