Home Business NewsBusiness SMEs lose £550m a year in missing cheques

SMEs lose £550m a year in missing cheques

by LLB Reporter
6th Sep 16 10:53 am

More women (59 per cent) say they have lost a business cheque

SMEs are losing over £500m every year thanks to lost cheques which is stunting their growth.

Research by Barclays Business banking has found that two in five (38 per cent) admit to forgotting to deposit a cheque, only on one occasion, however one in five (20 per cent) say that they forget at least once a week and an additional 15 per cent reckon this happens once a month, losing an average of £740.

The average value of SMEs’ missing cheques is £740 but male owners confess to losing more than this – £925 on average. This is £200 more than the national average and twice as much as the £417 women lose.

More women (59 per cent) say they have lost a business cheque only once, double the number of men (26 per cent).   

Younger business owners are more likely to make this oversight once a week with one in three (34 per cent) entrepreneurs aged 18-35 saying they forget or lose a cheque weekly. This falls to one in 10 (12 per cent) for those aged 36-54. 

Ian Rand, CEO of Business Banking at Barclays, said:“No business should miss out on their hard earned takings but the £550m lost each year by SMEs losing or forgetting to deposit their cheques highlights the scale of the problem. We want to take the hassle out of cheque depositing for busy business owners so they can pay in their cheque instantly through their smartphone or tablet.”

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