Payment by internet could be the answer to the whole problem of cheque clearance, according to West Midland businesses.
In a survey conducted by Birmingham Chamber of Commerce and Industry into the present payment systems, 50 per cent of the respondents said they would prefer using the internet to make payments if they could be sure it was absolutely secure.
The research was made as the Government's Payment Systems Taskforce started its look at what changes are needed in the current cheque and credit clearance system.
Eighty-eight per cent of companies replying to the chamber's survey said they thought the current system of cheque clearance took too long and 63 per cent said the whole operation was unsatisfactory.
The reasons the majority gave for still using cheques as a method of paying and receiving money was familiarity and concerns over the security of using the internet.
