Q: How long is the processing period for business cheques?
A: Business cheques take between 1 to 5 business days to process.
After a cheque is deposited at a branch, there is a clearing period of between 1 to 3 business days depending on various factors: the financial institutions involved, locations of the branches, volume of cheques, status of the account etc. On several occassions, financial institutions hold the cheques for a longer period of time for risk management purposes. In the event that a cheque cannot be honored and has to be returned, the process would take up to 10 business days.
Meanwhile from a controller, accountant or bookkeeper's perspective, cheques involve a string of manual tasks that take days to manage. Employee's time spent on wiritng and getting them authorized, distribution and mailing, and the manual reconciliation process with accounts. This can take anywhere between 1 to 2 business days a week depending on the volume of cheques.
Save up to 2 business days in manual processing time every week.
With Plooto's integrated online platform, you can move away from the ancient payment process of cheques and automate your payment processes. Electronic payments take between 1 to 4 business days to complete and saves you tremendous amounts of time spent on manual efforts. Sending or collecting payments take seconds and is completely online.
Plooto works seamlessly with Quickbooks and Xero. It automatically pulls your bills and invoices from your accounting software so that you can easily send or request for payments electronically. After the payment is complete, Plooto automatically reconciles with your accounting system within minutes.