Why are you still using cheques?

For over 300 years, cheques have been the status quo for businesses (Really! The first cheque was written in 1659!). The world has evolved, and paying with physical cheques has become an outdated payments practice weighing down businesses with hidden costs. And still, Payments Canada stated that "Canadians still use close to a billion cheques each year."

Luckily as of 2019, this trend is decreasing. We’ve dropped to 42% of businesses still using cheques. Maybe you are one of them?

Here are the costs of a cheque. Each cheque costs Canadian businesses anywhere between an estimated $9 - $25, the average being $15 per cheque. Here’s a nice chart

Source: Preliminary social cost estimate for Canada - Table A2.3
https://www.payments.ca/sites/default/files/2016-economic-benefit-iso20022_2.pdf

How long have you waited for a signature? How many couriers have you arranged to deliver your cheques back and forth? How much is the cost when a vendor doesn’t receive your deposit check and in turn, you don’t receive your goods? How much longer are the socially distanced wait times at the bank to deposit those cheques?

I’m sure if you do the math around everything you do and go through for a cheque; chances are, it’s more than $15 of effort and stress.

What’s stopping you?

If you have done the math and you know how much a cheque costs you, it could be the devil you know. Since the pandemic, how much has it cost you not to change?

Businesses are converting to digital means, and we want to help you make the change. We think our Peloton Portal can help you.

Cost during 30-day trial ( sign up for lower rates )

First, here’s a hard cost based only on transaction pricing during our 30-day trial plan.

When you break it down, Payments Canada estimates $15 per cheque where Peloton's 30-day trial is $2.83. Save up to $12 per payment! Sign up to save even more!

Security

We strive for high standards of security. It’s why we work diligently to be PCI Level 1 compliant. It’s something we’re incredibly proud of because it confirms that we’re providing an industry-leading level of safety and security when storing, transmitting and processing data.

PCI Level 1

Ease & Time

Take 2 minutes to see how easy our system is and decide for yourself.

Making the switch to an all-in-one solution that offers multiple payment methods can give your business more opportunities with customers and suppliers, give you greater visibility and control over your workflows, improve your security practices, and reduce the labour and cost of managing your AR/AP.

Learn more about how we’re simplifying payments so that you can focus on everything else. Visit paywithpeloton.ca.

Published: March 15, 2021
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