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It is important to understand the penalties of a bounced cheque, especially due to the fact that the charges differ from between emirates within the UAE.For example, in Dubai you would expect a fine from around AED 2,000 – AED 10,000.The magnitude of payments via cheques in the UAE is outstanding, there were approximately 12 million cheques in circulation in the first half of 2018, with an estimate of 4% of those that bounced.Before entering into an agreement where post-dated cheques are used it would be beneficial to know your customer well in order to avoid any financial malice.Post-dated cheques are a common form of payment in the UAE, whether you’re buying a car, paying rent or your B2B supplier; post-dated cheques are frequently used.A rise in using cheques for payments has occurred due to the high fees on electronic transfers.The example concentrates on conducting B2C research, which is necessary prior to an agreement.However, it is directly applied in the same manner and perhaps, more importantly, in the case of B2B transactions, due to the fact that they usually involve larger sums with a greater risk potential.
No matter the transaction, big or small, it is important to make sure that your arrangement is pre-emptively as secure as possible.Here is some helpful information about the use of cheques and how they are processed by financial institutions.All cheques must be processed – or cleared and settled – through the payments system. When you deposit a cheque into your account, your bank will send the cheque to the bank of the person who wrote the cheque.This assessment may be the ultimate difference in assuring that payments via post-dated cheques are likely to be fruitfully honoured or knowing that the business or person is locally considered untrustworthy or dishonourable.Post-dated cheques are not the enemy, but the potential risks are, therefore, do your homework and mitigate them with Cedar Rose.
A potential benefit of this payment method is how it can foster healthy and long-lasting business relationships.