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Paper checks were a primary form of payment in recent years. Whether it’s paying rent or paying school fees, checks played a crucial role in the business world. This has changed since the inception of online payment methods such as PayPal as well as credit and debit cards.
Even so, a lot of businesses still rely on business checks to make payments. Many benefits come with using checks in your business.
For instance, a lot of retailers and elderly clients familiar with checks still accept them. If you would like to have check payment as an option, here are some key advantages.
1. Expenses are easy to record
Keeping a record of business expenses is very important in having a successful business. Using business checks makes it easier to keep a record of business expenses compared to personal checks.
It’s also easier to calculate total costs by reviewing your employees’ and vendors’ banking statements. You can also keep track of your business expenses using accounting software if you pay via computer business checks.
2. Saves time
In any business, time is crucial. Electronic checks take a short time to process incoming and outgoing payments, hence saving time. You don’t necessarily have to queue in the bank to make payments.
The best thing is that you don’t have to order business checks from your bank when you need more. You can get overnight delivery of business checks when you order from online check printers.
Ordering checks from online retailers come with two benefits. Firstly, it will help you save time, and secondly, you will get your checks at a fair price. If you didn’t know, banks don’t print checks.
Instead, they hire third-party vendors to print your checks. The price they charge you will include their service fees and that from the printing company.
Therefore, you will save both time and money when you order checks from an online check printer instead of your bank.
3. No processing charges by the recipient
As a professional business owner, you might need to work with other clients who do not accept credit card payments. In this case, checks are the way to go. They are universally accepted and a bit cheaper.
As a matter of fact, some checks cost a few cents, and the recipients are not charged any processing fee. This can help you maintain employees and vendors who are happy by saving even the smallest amount.
When using an e-check to make the payment, you enjoy safer payment processing. Checks have an encryption feature that records the account number and the amount of money on the check, providing security and accuracy in the process.
It can also help determine whether the check bounced or not, easing the stress of complaints by your employees and vendors.
5. Saves money
If you are using e-checks, you are guaranteed faster payments hence saving money. Faster payments also allow better cash flow in your business. On the other hand, companies using paper checks can save money when sending them by mail.
The delays encountered in the postal system can slow the payment from reaching the recipient. The companies use this period to get extra time to sort some short -term cash expenses.
6. Make payments everywhere
In this digital era, you can do anything anywhere. Payment by checks is not exceptional. E-checks provide a better option if you want to make payments from anywhere. For instance, you can make emergency payments during your vacation when away from the office.
Without a doubt, business checks make a company have a professional look. Having a check printed with your name and logo on it is a great and a wise move.
Paying through checks provides a sense of seriousness in your business. It also helps in getting more potential clients. While checks may appear simple, they are effective and show the permanence of the business.
As you can see, many reasons would make businesses use business checks to pay employees and vendors. While the number of companies using business checks has reduced every year, many businesses still rely on them when making payments.
Business checks are a good option for companies that don’t allow the use of credit cards. After all, online processing payments will attract some fees.
It’s also a good option for those who can’t use the internet. Whichever the case, it’s essential to ensure that you get your checks delivered on time and include the right security features.
Check out my guide on how to start your business right with tons of useful tips I learned by successfully starting, building, and selling multiple companies.