Paper payment extinct
MAKING payments to employees or suppliers using paper dispersal salary credits will not be possible next year, warns the Association for Payment and Clearing Services.
The system allows several payments to be made through a bank using one cheque backed by individual credit slips for each payee. It is a common cause of errors and delays and increases the workload of both bank and customer, says Frank Cartwright of APACS. "For these reasons, all UK clearing banks have agreed to withdraw them from circulation at the end of 1999."
Other, more efficient systems include phone, fax or PC banking, or an electronic banking service, says Mr Cartwright. Farmers should contact their bank to identify the most effective alternative, he advises. *