From 2018 “the cheque is in the post” will no longer be a valid excuse for non-payment of bills.
The UK Payments Council, which is responsible for overseeing payment strategies within the UK, has announced plans to phase out cheques by 31st October 2018.
According to the Council, there has been a “terminal decline” in the use of cheques, particularly since chip and PIN technology has become more widely used. Many businesses, however, still rely on cheques for making and receiving payments and will be forced to change their payment and billing habits.
The Council has stated that the decision was made on the provision that a similar alternative was developed and made available by 2018, but they saw “no scenario” for cheques to still be used by that date.