Comment Re:Really? (Score 1) 183
Hang on, what?
Transferring a large amount of money between two businesses with no prior relationship (Keep in mind that this is primarily a problem with US small businesses)
What is stopping you doing that via EFT (electronic funds transfer)? It's free in the UK, and most of Europe, and far more secure than sending a cheque! What does the cheque do that an electronic transfer can't? I literally cannot think of a single thing!
Transferring any amount to a foreign individual.
I can pay companies in other countries, either for free (if they're EEC) or for a £5 fee if they aren't. I'm pretty sure that most situations where you want to pay a foreign company, a fiver on the bill is pretty much nothing.
As one poster above mentioned, the English banking system is FAR older than your new-fangled all-American one, and yet cheques are so rare here that most small businesses refuse to take them (the fees are high enough to put us off). So... if we can do immediate, secure transfers for free within a continent, and for a fiver everywhere else, what's stopping the US? I'm genuinely interested to know your answer from the point of a small business.