For business owners, there are dozens of different payment options. Online versus offline, paper versus electronic, cash versus card… the list goes on. A method that’s oft-forgotten, but still beneficial is the check. For a company, the pros of this particular payment method far outweigh the cons, and it could be a viable option no matter the size of your operation.
So, just what are the benefits? Well, you’re in the right place for that question. The following article will quickly run down a number of ways that checks can bring more success to your company.
- Banks don’t charge extra to process checks
At best, credit card fees are fixed. At worst, they’re completely unpredictable in nature. As a result, many companies are suffering at the hands of steep charges and interest rates, utterly at the mercy of the banks. Fortunately, the same is not true with checks.
Most banks don’t charge extra to process checks, so it can save your company any extra costs. Extra costs mean you’ll have to track these costs, which means more time spent doing paperwork and chasing receipts. You’ll save yourself a headache, and a bit of money, in one fell swoop.
- They’re a lot more secure than other payment methods
Checks can only be cashed by the person or business who’s printed on the thing itself. As a result, the chances of fraud and theft are lowered significantly. If you need a lot of business checks, you’ll be able to send and process dozens of payments simultaneously with a reduced security risk. Because it’s a physical document, you can keep track of it as opposed to a credit card which represents an invisible electronic transfer.
- No cash needed – easy for consumers to carry
If your customers have to carry around a lot of cash to be able to spend money at your business, they may feel at risk. If you lose a debit card or a checkbook, you haven’t lost any money. If you lose cash, you’re out of pocket fast.
In short, allowing your consumers to pay by check eliminates the worries of carrying about large sums of money. You’ll be a more secure prospect in their eyes, which makes your company look a whole lot more appealing.
- You can broaden your audience
It may surprise you to learn that not everyone is comfortable with every form of payment. In fact, a massive 63 percent of millennials don’t have a credit card, and even less regularly carry cash. In order to become a more successful business, you have to broaden your appeal and that starts with accepting more payment methods.
Taking checks gives customers another avenue through which to interact with you. Rather than being cash-exclusive, or cash and card exclusive, you’ll make customers’ lives easier. Not everyone carries cash, or a debit card, or a credit card – as the aforementioned facts prove. Your business’s image will look a lot more favourable as a result, and that can only be a good thing.
Does your business accept check payments? Do you send out check payments yourself? Whatever your thoughts, leave a comment down below!