We regularly hear about contractors struggling to get payments on time from customers. This always puzzles me because a good contract always stipulates prompt payment. One client offers a £20 discount if paid on the same day.
Current technology sharply favours prompt settlement. You can have a mobile card terminal or use Apple or Android Pay. Alternatively any smartphone can be turned into a mobile card machine via the likes of Square, PayPal or iZettle. There may be a small charge for card reader services but this is nothing compared with the REAL cost of having to chase late payments.
Why do people still take cheques? We stopped years ago because too many bounced and we needed the certainty of fast payment. Even the busker (in the photo) I photographed at Waterloo Station takes card payments. This is the way forward and will help solve cash flow issues and who wants to use cash these days?