No matter what business you’re in, payment technologies are rapidly evolving. While the use of paper checks is the old and trusted method for many businesses, there can be issues with using them and a lot of businesses are ready to move on to more current and updated payment methods.
Do you Need More Security?
Paper payments can leave a lot to the unknown when both sending and receiving checks. They can be easily lost in the mail causing a ripple effect of late fees and missing payments. Beyond mail going missing, checks can easily be used in committing fraud. Checks can be altered and can also be used to get your account number and routing number, allowing bad actors to drain your account.
Would you Benefit from Automatic Payment?
Electronic payments are usually received and usable about 10 days before paper payments. This will help you and your partners get and use money from business payments sooner. 10 days sounds like a long time but you have to factor in mailing time, processing time and time for the check to clear. With electronic payments, it’s usually a 2-3 day process. Electronic payments also come out of your account sooner, making it easier to glance at your account and know how much money you have without having to do any math. A comprehensive accounting solution can help with this as well.
What is your Cost per Transaction?
When you include the cost of administration, supplies, postage, and factor in other incidents like fraud, etc. the cost of using paper checks ranges from $1- $26 per payment. Depending on how many payments you are sending, this can become incredibly expensive over time. Any growing business with multiple vendors and suppliers would benefit from switching to an electronic payment solution.
How do you Make the Switch?
Making the switch is simple and we can help! You need a solution that is easy to use, fits your company’s needs, and is scalable to grow with your expanding business. Let us help find the right fit for you.