CHEQUES STILL COUNT

THE Small Business Association of Jamaica (SBAJ) is calling for an extension of the timeline to phase out paper cheques as it warned that the pace of the transition could place additional pressure on micro, small and medium-sized enterprises (MSMEs) that still rely on the payment instrument for day-to-day business transactions.

Speaking in an interview with the Jamaica Observer this week, SBAJ President Garnett Reid said members across the association’s network of more than 700 businesses have raised concerns about the planned elimination of cheques — arguing that they need more time to adjust and access affordable alternatives before the payment method is completely withdrawn.

“Since the announcement of the phasing out, a number of our members have continued to ask us what will happen to those who use cheques. Right now, more than 20-30 per cent of them use cheques to settle transactions,” Reid told the Business Observer.