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Other payment methods

Cheque usage is declining as more shops, retailers and businesses move away from accepting cheques as a payment method. To help you, we have detailed below some information about alternative payment methods you can use to make and receive payments instead of cheques.

Making payments

Debit Card Direct Debit Standing Order Faster Payments
In shops/retailers - - -
To pay a bill
To pay your Credit Card -
To make a one off payment i.e. to pay a yearly membership fee - -
Person to person payment i.e. gift or birthday present - - -
Debit card

Using an Isle of Man Bank Visa Debit card is an easy and convenient way of paying for goods and services wherever you see the Visa logo.

You can also use your card worldwide to pay for goods and services and withdraw cash, just look out for the Visa logo shown on your card.

Your card is accepted at millions of retailers and cash machines worldwide. You can also benefit from purchase protection when using your Visa debit card to pay for goods and services.

Your Isle of Man Bank Visa debit card travels well. In fact, it’s one of the safest and easiest ways to pay for goods and services or withdraw cash overseas. There is a charge for using your card overseas.

Direct Debit/Standing Orders

Direct Debits and standing orders offer a simple, safe and speedy way to pay regular bills and make payments from your bank account.

Direct Debits are suitable when you have frequent bill payments; an amount is taken from your account on a set period each month and is transferred to the payee.

Standing orders are normally used when you are moving a fixed amount of money between accounts on a set period each month.

Faster Payments

Faster Payments allow a one off or regular payment that can be made by a customer to a recipient.

The service allows participating banks to provide same day processing of electronic payments such as funds transfers, bill payments and standing orders.

Customers are able to:

  • Make payments via the branch or online on a near real-time** basis
  • Send same day payments without using CHAPS (same day value payments)
  • Know in real time whether a Faster Payment was sent successfully

Both sending and receiving banks need to be members of the Faster Payment Service and the amount of the payment needs to be within the set limits.

**Near real-time – The payment will be received by the payee, almost immediately after leaving your account, but sometimes up to two hours later or even the next business day.

Receiving payments

Rather than continuing to accept cheques that are no longer guaranteed, you can ask your customers to make payments by debit or credit card. Alternatively, you can ask to be paid electronically, receiving payments directly into your account. Thanks to Faster Payments, you can now receive online payments 24 hours a day, 7 days a week giving you access to the funds even outside of traditional banking hours.

Please remember, if you do not wish to accept cheques without a guarantee, you should inform your customers in advance and agree on alternative payment arrangements.

If you do still plan to accept cheques without a guarantee, please note that there is a risk of such cheques being returned unpaid. Normally a cheque cannot be returned unpaid by someone any later than 6 working days after the day it was paid in.

Alternatives for you to consider if you accept cheques supported by a cheque guarantee card.

Product/Service Description Next steps
Streamline Provides a convenient card processing service for customers wishing to purchase by card.

Improve your cash flow – transactions will usually be credited direct to your account within four business days.

Save money – helps to reduce your administration costs and save time on processing payments, issuing receipts or chasing returned cheques.

Keep your existing bank account – we'll simply pay the funds into your nominated account.

Convenience – card payments can be made face to face, over the phone or online.

More payment choice for your customers – all major debit and credit card schemes accepted.
Contact your Relationship Manager who will help you through the application process.
Cheques (not guaranteed) If you still plan to accept cheques without a guarantee, you need to be aware that there is a risk that the cheque may be returned unpaid. A cheque cannot normally be returned unpaid by someone any later than 6 working days after the day it was paid in (Certainty of Fate). Refer to your Relationship Manager for further details.
Electronic payments including Faster Payments You can request that your customer makes a payment electronically, so you can receive the payment directly into your bank account.

Since the introduction of Faster Payments, it is now possible to receive online payments 24 hours a day, 7 days a week, allowing you to access funds immediately upon receipt.
Your customer can transfer funds in branch, online or via telephone banking.
Standing Orders/Direct Debits If your customer makes regular payments, consider asking them to set up a standing order. Standing orders offer a simple, safe and speedy way for your customers to pay regular bills and make payments directly from their account to yours. Standing orders are normally used when you are moving a fixed amount of money between accounts, on a set period each month. Direct Debits can be used for varying amounts; the payee can indicate a different amount each time. Refer to your Relationship Manager for further details.

Online banking

Quickly check balances and statements to keep track of your finances.

Make payments or transfer money whenever it suits you.