• Cash jingles, cheques fold but credit/debit cards snap and mobile payments ‘crack up’

    One of the many challenges for credit controllers is to understand how customers are going to pay for goods and services.

    Gone are the days when coins and notes were passed across counters or fed into machines that generated anything from fizzy drinks to packets of cigarettes (although some do still exist)

    Cheques became fashionable and then unfashionable due to efficiency issues both in writing, checking and then en-cashing them. Although cheque imaging may help them avoid the ‘guillotine’

    Credit cards became all the rage but as the term implied one needed a credit rating and this took time and in many cases did not prevent you ‘losing’ your payment as the card was declined so debit cards were introduced that allowed instant transfer of funds.

    Today the 8th July the news is that UK in branch banking transactions are down 10% year on year as mobile transactions take off, and the internet comes of age. However we have seen how banks legacy systems are somewhat ‘flaky’ and as the cracks appear one can foresee cash being lost down the gaps in technology.

    Credit controllers need to be savvy technologists in understanding the best way invoices/bills are to be paid.

    Do you have a strategy that embraces and delivers positive and constructive solutions to the above issues?