19th September Is E Day
A reminder to all businesses that September the 19th is e-Day
The 19th of September e-Day, is an initiative under the Central Bank’s National Payments Plan to cut costs and improve cash flow in the Irish economy. Last September, Minister of State at the Department of Finance Brian Hayes, TD, launched e-Day, to give organisations 12 months to prepare for the transition to electronic payments.
The particular focus of e-Day is to encourage SMEs to migrate from cheque usage. Cheques are an expensive means of payment for businesses because of bank charges, stamp duty, postage, time spent making lodgements, and unpaid cheques.
Businesses are migrating away from cheque usage and opting for more efficient payment methods instead. e-Day will move this process along while reducing costs for businesses. If you are a business being paid by, or paying to, public-sector bodies, then the best thing to do is to ensure that whoever is paying you has details of your bank account, so you can be paid electronically.
If you pay public bodies by cheque, you will need to check with them what alternative options will be accepted. Electronic Funds Transfer (EFT), direct debit and payment card options are among the alternatives that will be offered by impacted Government departments and offices, state agencies and local authorities. Each of these will advise its customers on what options will be available.
Government departments,local authorities and state agencies will stop issuing and accepting cheques to and from businesses. Consumer cheques are not affected by E day such as social welfare and pensions