Creditinfo Malta provides a direct registration service for firms or businesses who have received Dishonoured Cheques or Bills of Exchange.
Shops and businesses ideally try to accept all methods of payments for their products and services. Unfortunately, in this day and age, the risk factor for accepting un-guaranteed forms of payment is climbing. Due to the risks, some businesses refuse cheques as payment, whereas before it was a very common and normal practice in Malta. Cheques are still a very convenient way to pay, even today, perhaps moreso than by credit or debit card due to low cost and convenience.
A shop owner's refusal of all cheques is an example of someone that wants to reduce risk, but the downside is that this may also reduce new business or potential clients. This is because for business and individual customers, the chequebook is still commonly used to pay for goods and services in Malta. Unfortunately it may also be used by fraudsters.
A method for increasing your safe business while narrowing down the risk, is by vetting the customer through our online service prior to accepting payment by cheque or credit. This may help the seller come to a decision whether a customer is worthy of granting credit to.
If you have dishonoured cheques to send us they will be registered on our system. The debtor will receive a notification letter from us, and after 2 weeks, if not paid, will be registered online. At this stage, the debtor will find it difficult to get any credit or use of bank facilities elsewhere. This will remain until the claim is paid and we are informed. Once a claim is settled, it is cleared from the system permanently.
Fax: 2131 2338 e-Mail: info@creditinfo.com.mt
Safeguards to observe when accepting payment by cheque or bills of exchange:
- Customer would normally sign the cheque/boe in your presence - signature should match ID card.
- Check the ID number on our online system - if record is clear, write the ID card number on the back of the cheque.
- If Cheque Bounces - Report Details by making a copy/scan of front & back of cheque and fax/email us (see above).
Retail clients can affix this Cheque Notice in a prominent position by the Cashier at their Shop. This notice informs the visiting members of public and clientele that Creditinfo Malta will be informed if any bad cheques are used there. It will keep the public aware and deter potential bad customers from bouncing cheques at your establishment.