Cheque guarantee scheme closure
The Payments Council closed the Cheque Guarantee Scheme on 30 June 2011. Although your business will still be able to accept cheques as payment they will no longer be guaranteed under the scheme.
Given the removal of the cheque guarantee scheme you should encourage your customers to make payments by:
- credit and debit cards - you will need a terminal to accept these payments Click here for more information; or
- electronic payments – with Faster Payments you can now receive online payments directly into your account, in most cases, on the same day.
If you require further information and advice on choosing the most appropriate alternative payment methods, please contact your Business Banking Manager.