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  • Are you accepting cheques?

    Hi,
    Just thought I'd share a bit of useful info I found out today. Everyone knows that if you get paid by cheque, eg. at a craft fair, you should write stuff on the back from the guarantee card, but apparently it needs to be written by YOU (not the person whose cheque it is, as this won't guarantee it) and you should write the card number and expiry date. And check the signature too, of course. Then, as far as I know, this should guarantee the cheque up to the value of the guarantee card, which is written on the card.

    I hope that'll be useful to some of you, in case anyone didn't know this!
    Emily X
    Emily Richard Jewellery
    www.ejr-jewellery.co.uk

    Emily Richard Jewellery on Facebook

    Now on Twitter! @EmilyRichard
    Jewellery Making Blog

  • #2
    Thanks for that info, although think I'd be abit nervous accepting cheques of customers I don't know! Would eventually like to invest in a terminal so I can accept card payments, although that can be risky too!
    Lois

    www.beadsandmorebylois.co.uk
    http://beadsandmorebylois.blogspot.com/
    http://beadsandmorebylois.misi.co.uk
    http://twitter.com/beadsmorebylois

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    • #3
      In my experience, there isn't much risk in accepting cheques. I've only ever had one bounce, and for some reason, the details weren't written on the back, so it wasn't guaranteed. I accept cheques through the post so there are no details on them, but there's never been a problem.

      Many shops no longer accept cheques, but I think that's probably more for their convenience than because they are risky.
      Celia
      I can't be creative and tidy too
      www.jencel.co.uk for beads, findings and threads
      The Occasional Sheffield Bead Shop
      Jencel on Facebook

      Comment


      • #4
        Originally posted by EmilyRichard View Post
        Hi,
        Just thought I'd share a bit of useful info I found out today. Everyone knows that if you get paid by cheque, eg. at a craft fair, you should write stuff on the back from the guarantee card, but apparently it needs to be written by YOU (not the person whose cheque it is, as this won't guarantee it) and you should write the card number and expiry date. And check the signature too, of course. Then, as far as I know, this should guarantee the cheque up to the value of the guarantee card, which is written on the card.

        I hope that'll be useful to some of you, in case anyone didn't know this!
        Emily X

        I yes you are correct, also something else to bear in mind is that one 1 cheque made payable to you will be guaranteed, in one day.

        What I mean is that a customer pays one cheque to you for £50.00 then decides to buy some more say another £40.00 only one of those cheque will be guaranteed by the bank. As made out to the same person.

        One would come back unpaid if customer didnt have sufficient funds available.

        The Bank only has to guaranteed one cheque per retailer per day.
        www.cardsforewe.co.uk

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        • #5
          cheques

          Hi

          As long as you have wrote all the relevent numbers down including the 3 digit code on the back of the card you should be ok

          Comment


          • #6
            I've never had any problems with accepting cheques ~ at fairs/markets I just make sure I write down the card details on the back and check the signature. When I received cheques via the post, I just make sure it's cleared before I send anything out unless I personally know and can vouch for the buyer.

            I've not heard about the bank only guaranteeing one payment per retailer before and will look at this, but fewer people seem to carry cheque books around these days, they are more likely to pay by card if it's a large amount, which I accept as well.
            Kym
            I'm hoping for world peace but I'd also like something shiny as well...

            www.kymbigwood.com
            kymbigwood.blogspot.com

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            • #7
              I have always accepted cheques and none have bounced so far (touch wood), but I have always done the verification bit myself simply because that what happens in shops to me! Useful to know I should be doing it though, so thank you for the information.
              Alison
              A Little Bit Extra Jewellery &
              MyHeartsMyFlowers -
              On Etsy
              On Misi
              On Folksy

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              • #8
                We love cheques our bank does not charge us for processing them.

                We now have to pay 1.5% for paying in cash and a hefty fee for card transactions.

                You may find this useful

                http://www.apacs.org.uk/payment_opti...heque_card.pdf

                Jane
                www.just-soaps.com
                Twitter JUSTSOAPS
                FB www.facebook.com/pages/Just-Soaps/258910018463
                Natural Handmade Olive Oil Soaps and Skincare free from SLS, Parabens, and other Nasties

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                • #9
                  Cheques

                  Hi

                  Just like to say yes we love cheques too! Paypal and Google Checkout don't get a portion either

                  Ann
                  Last edited by Crystal Cards; 22-07-2009, 11:29 PM.

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                  • #10
                    We now have to pay 1.5% for paying in cash and a hefty fee for card transactions
                    And I thought banks were desperate to get their hands on peoples money, lol.

                    Jane, do you know that Alliance & Leicester and Abbey both do free banking for small businesses? They both have limits for how much you can pay in each month, but they're generous limits. You'd still have to pay your card machine provider for those transactions, but not for paying into your bank.
                    Celia
                    I can't be creative and tidy too
                    www.jencel.co.uk for beads, findings and threads
                    The Occasional Sheffield Bead Shop
                    Jencel on Facebook

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                    • #11
                      Originally posted by jencel View Post
                      And I thought banks were desperate to get their hands on peoples money, lol.

                      Jane, do you know that Alliance & Leicester and Abbey both do free banking for small businesses? They both have limits for how much you can pay in each month, but they're generous limits. You'd still have to pay your card machine provider for those transactions, but not for paying into your bank.

                      We do bank with A & L, free banking with them is only for first 3 years
                      There cash limits are not that generous unfortunately.

                      Jane
                      www.just-soaps.com
                      Twitter JUSTSOAPS
                      FB www.facebook.com/pages/Just-Soaps/258910018463
                      Natural Handmade Olive Oil Soaps and Skincare free from SLS, Parabens, and other Nasties

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                      • #12
                        Oh, sorry. I didn't realise they only did 3 years free.
                        Celia
                        I can't be creative and tidy too
                        www.jencel.co.uk for beads, findings and threads
                        The Occasional Sheffield Bead Shop
                        Jencel on Facebook

                        Comment


                        • #13
                          I'm naughty. I use one bank account for depositing cheques - for free,
                          and a different one for depositing cash - for free.
                          Each one charges for the vice versa option.

                          Cash and cheques are good because you get to keep all the money.
                          Beware the taking cards options. They are sooooooooooo costly.

                          Here's a thought: I was doing business in a field, the other day where because I had my chip and pin machine, the customer didn't have to drive 3 miles to a cash point. Have we saved the planet?

                          AnnieAnna

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                          • #14
                            Originally posted by jencel View Post
                            Oh, sorry. I didn't realise they only did 3 years free.
                            No problem, you really do have to read the small print - especially with banks!

                            Jane
                            www.just-soaps.com
                            Twitter JUSTSOAPS
                            FB www.facebook.com/pages/Just-Soaps/258910018463
                            Natural Handmade Olive Oil Soaps and Skincare free from SLS, Parabens, and other Nasties

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                            • #15
                              I'm with them. Must read my small print. I'm always going on about reading the small print. The 3 year thing had floated out of my mind. Must have planned to be a millionaire in three years time then I wouldn't care.......
                              AnnieAnna

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