A replacement for cheques?

glider3560

tabby_cats_mum wrote: »

True enough but a cheque is paid straight into the bank and I don't note peoples account numbers. Without cheques I'm going to have numerous bank account details in my possesion which I don't want. Ultimately I'll have to hand the lottery over to someone who is prepared to retain this information. Having been the victim of fraud from my bank account (and I'm an obsessive shredder, always check websites are secure etc) I just do not want to keep anyone else's details in my home.

Only ask people for the details when they've won, with the assurance to them that you won't store the details.

tabby_cats_mum

glider3560 wrote: »

Only ask people for the details when they've won, with the assurance to them that you won't store the details.

I think we'll have to agree to disagree on this one. I'd have to ring them up to tell them, would people give me details over the phone, some would some wouldn't, if they don't reply or I can't contact them how long do I chase it up for as its in the terms that I send out cheques within two days of the draw.
Some people return SO forms to me for me to send to the bank others will only take them to their banks themselves (presumably to stop me seeing their account details).
I guess one way round it is to enable cash to be drawn out of the account and since it's a small local charity post it through doors, then of course you don't know if the rightful winner has obtained the money etc............
I like cheques because you always have a paper trail of some description. Still I'm not going to be the only person with a dilemma like this so I assume there will be an answer in the mix somewhere.

TUS

I honestly cannot remember when I last used a cheque, or received one.

Olipro

rb10 wrote: »

I don't think that cardreaders are the way forward.

If only text messaging could be made more secure, then that really would be a convenient way of instructing your bank to make a payment. Or something else that's mobile phone related.

Then please suggest something that can be used to generate a unique onetime code using something only you have access to that also negates the need for you to disclose sensitive data (such as your full card number)

I think cardreaders ARE the way forward - so long as Pawel the Plumber has a cardreader with him, and so long as his customers have bank cards, he can get payment from them simply and easily, and the same applies to everyone else currently using cheques.

tabby_cats_mum

Olipro wrote: »

Then please suggest something that can be used to generate a unique onetime code using something only you have access to that also negates the need for you to disclose sensitive data (such as your full card number)

I think cardreaders ARE the way forward - so long as Pawel the Plumber has a cardreader with him, and so long as his customers have bank cards, he can get payment from them simply and easily, and the same applies to everyone else currently using cheques.

What about that nice feeling you get when you receive a cheque for your birthday or from the premium bonds (if only!), a card reader is no good then, postal orders cost money and no one (unless they are daft) sends cash through the post. What is going to be the viable option there?
I will actually really miss cheques, they're great for dinner money, child care and anything else where the amout to be paid isn't a round sum. It means I'm not constantly scratting around for change.

glider3560

tabby_cats_mum wrote: »

What about that nice feeling you get when you receive a cheque for your birthday or from the premium bonds (if only!), a card reader is no good then, postal orders cost money and no one (unless they are daft) sends cash through the post. What is going to be the viable option there?
I will actually really miss cheques, they're great for dinner money, child care and anything else where the amout to be paid isn't a round sum. It means I'm not constantly scratting around for change.

Bank transfer is suitable for all those scenarios; especially Premium Bonds.

tabby_cats_mum

I've had it then for my birthday cheques from my mum, a bank transfer would be way beyond her!

N1AK

jimbob_too wrote: »

Ah right, thanks - that's the answer I was looking for. I think that postal orders could be making a comeback!

I actually heard another item on the radio concerning this subject (I think it was 'Moneybox' on Radio 4). The presenter was discussing the end of cheques with a representative of the banking industry. He asked her what provision there would be for a tradesman at, say, a country fair some distance from an ATM and out of the reception area for a 'chip and PIN' machine. How could he accept payment for some expensive agricultural machinery? The banking representative wasn't able to answer this question satisfactorily.

It's a pretty poor example. You'd have to be nuts to accept a cheque, without veryfing the account, and hand over say £15,000 worth of kit on the spot.

Additionally, if cheques vanished tomorrow, events in rural locations could provide chip & pin support quite easily, and will do, once demand increases.

grossbeak

I sell my artwork at craft fairs and as much of it is over £50 I get a large number of cheques. A cardreader may be an option for businesses, it is an expensive alternative for individuals. It is also reliant on electricity or internet connection and as many craft fairs take place in the middle of fields this can be a problem. A merchant account is required for most credit/debit card transactions, PayPal has a system that doesn't but it still costs £240 a year plus a fee for each transaction. I would really miss cheques.

heloid

ok, there might not be solutions now but 8 years is a long long time in technology. Think of how far PC's, phones and the internet have come!

There are plenty of paths to go down:
email addressess or one time addresses for paying in electronically. If my grandma can use an iphone I'm sure they can create a simple pin/password/biometic protected device that can take an address and deposit x amount of money using faster payments and make it show on the receivers end instantly - extension to debit cards? Hell they can make an application that looks exactly like a cheque and they write in to the device in exactly the same as they would a paper cheque. If you can't write voice recognition could easily solve that issue as well.

en.wikipedia.org/wiki/Chipknip or contactless cards that you can preload - for small transactions.

You could probably write down 100's of these.