Many businesses now use internet banking as they deem it to be even safer than the traditional method. Once suppliers’ details have been entered in correctly the payment goes directly to their bank account within 3 working days.
Traditional Method
With the traditional method you get to deal with real people but there is a lot that can go wrong. The teller might punch in the wrong amount or you might arrive at the wrong time and end up queuing.
You might run out of cheques or even forget your chequebook at the office when you most need it.
Once you have written a cheque and mailed it you are relying on the post office to deliver your mail on time and to the right address. They often get it wrong.
You need to wait for a statement to find out your account balance unless you are brave and have hours to kill whilst you listen to “your business is very important to us, please hold while we transfer you to the next available operator.”
Opening Hours
With the traditional method you are tied down to normal working hours. Online banking is available 7 days a week, 24 hours a day as long as you have access to the...
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