One Month until e-Day

Chambers Ireland has today (19/08/2014) reminded businesses that there is just one month left until e-Day. Set for September 19th 2014, 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.

Speaking this morning, Ian Talbot, Chief Executive, Chambers Ireland said, “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 estimated that the economy will save €1 billion per annum by a comprehensive move to electronic payments. 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 Central Bank report released today 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.

– Ends –

For further information please contact Amy Woods, Chambers Ireland on 014004319, 086 6081605 or email amy.woods@www.chambers.ie 

Notes to Editors
About e-Day
e-Day, set for September 19th 2014, 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. e-Day was launched in September last year, to give businesses and public sector bodies 12 months to prepare for the smooth transition to electronic payments. This key recommendation of the National Payments Plan for Ireland is being implemented as part of an effort to reduce cheque usage generally in an effort to reduce cost and improve cash-flow for Irish businesses. With cheque volumes dropping steadily, businesses, particularly small businesses, are being encouraged to make and receive their payments electronically.