September 19th 2014 is e-day, which is the day the Government will stop issuing cheques to and accepting cheques from businesses. This will apply to all Government, local authorities. Public Sector bodies and State agencies such as Revenue.
Irish business particularly small businesses are the largest users of cheques and Ireland is only one of six countries in the EU that still use cheques for regular payments.
The National Payments Plan was launched last year by Minister for Finance Michael Noonan to encourage Irish people, particularly Irish businesses to give up their cheque. Savings of up to €1 billion per annum could be made to the Irish economy by moving away from cheques to more efficient payment methods instead.
Bank charges, stamp duty, postage, time spent making lodgements, and unpaid cheques are just some of the associated costs with this method of payment. Businesses are recognising that there are more benefits to be gained from using electronic payments and are migrating away from cheque usage.
Revenue have a range of alternative payment options available for customers who use their online service (ROS). Online payment methods include direct debits, single debits, credit and debit cards. They will also take card payments over the phone. HOWEVER, be aware that credit card payments have a charge attached to them of 1.49%.
More details are available on Revenue’s website.
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