It probably comes as no surprise that cheque use has been on a steady decline over the past ten years or so. In fact, since 2004, the number of cheques issued in New Zealand has dropped by 10 per cent a year. The majority of payments (at least 95%) are now made by other means.
And, most of us are entirely comfortable with paying by other methods such as EFTPOS, credit cards, or internet banking (and probably haven’t owned a cheque book for some time, if ever … depending on how old you are!). 93% of the people who are still using cheques only use them as a second or third alternative payment method, meaning they are also using some other payment method such as EFTPOS, credit cards, or internet banking.
The rise of digital communications has sped up the decline in cheque use. Email communications with payment buttons can reduce cheque payment by up to 50%. You can email your customers an invoice which they open online and then use the payment button on the online invoice to pay you securely using their credit card or via online banking.
To find out more about how payment buttons and online invoicing can work for you, contact the team at Cumulo9.