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Business Cheque Market Research 2010. August 2010. Scope of Presentation. 2010 update of research commissioned by C&CCC Survey conducted by Continental Research since 2008 Survey covers: Writing and receiving cheques Reasons why cheques are used Alternatives to using cheques
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Business ChequeMarket Research 2010 August 2010
Scope of Presentation • 2010 update of research commissioned by C&CCC • Survey conducted by Continental Research since 2008 • Survey covers: • Writing and receiving cheques • Reasons why cheques are used • Alternatives to using cheques • Attitudes to cheques • Knowledge of cheque propositions (2-4-6)
Nature of the Research • Business omnibus survey of 520 businesses • Survey undertaken in April 2010 • Northern Ireland included for the first time • 2010: Results for whole UK • 2008 & 2009: Results for GB only • Percentages quoted in the following slides can be considered accurate to +/- 5 percentage points • When comparing results for 2010 with those from previous years, a change of up to 10% from one year to the next may be the result of normal sampling variations, rather than being indicative of a real change in behaviour
Usage of cheques • 87% of UK businesses said that they had made payments by cheque in the past month • 2009: 89% of GB businesses • 2008: 89% of GB businesses • 86% of UK businesses said that they had received payments by cheque in the past month • 2009: 84% of GB businesses • 2008: 84% of GB businesses • Just 5% of UK businesses said that they had neither made nor received payment by cheque in the past month • 2009: 7% of GB businesses • 2008: 4% of GB businesses
Usage of cheques • Average of 22 payments made by cheque each month by businesses • 2009: 22 cheques per month • 2008: 26 cheques per month • Average of 27 cheques received per month by businesses • 2009: 22 cheques per month • 2008: 28 cheques per month
Number of cheques written and received in the past month (UK, 2010)
How use of cheques has changed over the past three years (UK, 2010)
Convenient alternatives to using cheques • More than half of businesses think that there is a convenient alternative to using cheques for most purposes: Note that the base size for the percentages in the final column is given by the number of respondents identifying each use for cheques, as shown in the second column
Businesses that would have problems if unable to write cheques
Businesses’ willingness to accept cheques 53% of businesses agree that they are reluctant to accept cheques due to fears they may bounce
Businesses’ knowledge of propositions(compared to T+2, T+4, T+6)
Summary • No significant changes compared to previous years • Half of businesses believe they are making fewer payments by cheque compared with 3 years ago • On average 55% of businesses think there are convenient alternatives to cheques for their specific uses • However, 78% of businesses believe they would encounter problems if they were no longer able to write cheques