Galway Chamber signals one month until e-Day

Galway Chamber has reminded businesses that there is less than one month left until e-Day.

Set for September 19, e-Day is the date from which Government Departments and offices, local authorities and State agencies will no longer issue or accept cheques in their dealings with businesses.

Cheque usage has halved in Ireland since 2005. However, Irish businesses still write 33 million cheques every year.

“The move from cheque to electronic payment methods is a positive one which will save money for both the Government and businesses alike, in fact it is estimated that the economy will save €1 billion per annum by a comprehensive move to electronic payments,” said Frank Greene President of Galway Chamber.

“This move will allow businesses to save money by eliminating the use of expensive cheques, reducing administration costs and also improving cash flow as funds will move more rapidly between accounts.”

A recent Central Bank report shows that 80% of all business cheques are issued by SMEs, while 78% are received by SMEs. A move away from cheque usage to e-payment would benefit day-to-day cash flow which has been an issue for many SMEs in recent years.

“We urge all businesses to ensure they are fully prepared for e-Day by making sure they have alternative payment methods in place and are fully up to date with the new procedures,” he concluded.

e-Day will not affect consumer cheque usage, such as social welfare payments or pension payments.