Manufacturing firms and other businesses have little understanding of how long to wait on a cheque, according to new research.
The Cheque and Credit Clearing Company has found that only two per cent of businesses know that they have to wait until the end of the sixth working day in order to ensure they have the funds in question.
More than four-fifths (82 per cent) believe that the funds are theirs earlier than this.
In addition, nearly one in ten (nine per cent) admit they have no idea when funds come through.
Businesses looking to expand could find that they have to wait for less time than they calculate, if they look for accurate information on clearing times.
Angela Thomas, the managing director of the Cheque and Credit Clearing Company, said: "Although only a tiny percentage of the cheques being processed every day are actually returned unpaid it's still disappointing that so many people are unaware of when cheque funds are definitely theirs to keep."
Typical Guttridge equipment used in the process systems, process engineering and manufacturing processes industry includes; heavy duty conveyors -industrial conveyors – belt conveyors
