Quote:
Originally Posted by Locke
Small businesses have lots of things they have consider. Dealing with multiple banks, suppliers, employees, there are a lot of considerations.
Some people think that Direct Deposit for payroll is a 'No Brainer' but depending on the size of your business and your payroll thats simply not the case.
Getting it set up, the fees and operating it? Not to mention, remittances have to made to CPP, EI and CRA between different institutions and for those to be made cash-flow is important and thats not even considering basics such as rent, insurance, suppliers, etc you can go on and on.
Sometimes people seem to think running businesses is dead simple, there are a lot of things to keep track of.
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Yup.
And when it became possible to deposit cheques by taking a picture with your phone, which is actually something most banks offer, its even easier now to pay / get paid via cheque.
As a business owner, EFTs cost money. Cheques cost nothing. If you have a system in place to deal with cheques, with less than 1% rate of an issue, why not go that route? Oh wait, thousands of businesses in Canada have been going that route. But don't ask CP about that.
