We live in a world where technology is advancing daily. Instant social updates, online shopping, bill pay. Maybe you’ve taken your business to the next level and joined the world of e-commerce. Online sales are booming, and it seems the likely choice is to go completely digital for your accounts payable as well. While online payment transactions are a great convenience to many, here are a few reasons to consider keeping paper checks around.
Good Old Fashioned Marketing
Because everything is so readily available nowadays, folks don’t spend a lot of time perusing the internet without an intended destination. More often than not, our smartphones and tablets take us to exactly where we want to be with just a few letters in a search engine. But checks are something tangible in the hands of your clients, your vendors, and everyone in between. When you give someone a paper check, handwritten or printed, you’re handing them your logo, your brand, a gentle, visual reminder of your company and that you’d like to continue doing business.
They ARE Safe
It’s a common misconception that paper checks are more easily victim to fraud. While there certainly was a time when this was true, there are many tip and tricks to make forging or altering a check much more difficult, or impossible. It’s easier to quickly see if a signature doesn’t match, or if a few zeros have been added to the amount. Online transactions, while generally safe, are more anonymous. As long as the card is present, a thief has everything they need. Not to mention, with Micro Security Prints and Watermarking, electronic devices are bound to catch a fraudulent check even if a bank teller doesn’t.
They ARE Convenient
Checks are often seen as burdensome or even as time-wasters. But when it comes to business dealings, sometimes checks are preferred by the payee. There’s a nice paper trail, the check stub can be filed with the invoice, and it can make accounting a breeze. And as the check writer, there’s no need to wonder if they accept your American Express or cash, as is often the case with landlords and local vendors.
They Just Might Save You Money
It’s not uncommon for a business to charge a credit card processing fee because it costs them money to run it. You may also run into a minimum purchase requirement. However, there’s no fee to deposit a check, so sticking with paper is a good way to avoid unnecessary charges. Plus, checks are much cheaper than money orders or cashier’s checks.
Even in this high tech world, paper checks still play a significant role in business financial management. The best course of action is to evaluate your business’ needs and professional relationships to decide when and with whom paper checks are appropriate.