Every year, billions of checks are printed and issued in the United States. Checks offer businesses—both small and large—a safe, secure, and reliable method for distributing funds and issuing payments. Even in an era where digital payments have become much more common, businesses are recognizing the important role that printing checks play in their broader business model.
Because check printing will remain an essential component of running a business, managers and owners often find themselves wondering which check printing strategy makes the most sense. When making this important decision, factors such as budget constraints, quality, and opportunity cost will all need to be considered.
When it comes to printing checks, the most important decision these managers will need to make is whether they want to outsource their check printing responsibilities to a specialty firm (like Smart Payables) or manage their check printing needs in-house, using a program such as QuickBooks.
While the best decision for a given business will depend on the structure and objectives of a given business, many businesses—even Fortune 500 Companies, such as Honeywell—recognize that outsourcing their check printing and other payment processing needs can help them save money without sacrificing quality. In this article, we will discuss some of the many reasons why businesses of all kinds make the decision to outsource.
Improving the Bottom Line
Ultimately, the bottom line will be one of the most important factors to consider when making any operational decisions. Because today’s top check issuing companies operate via an economy of scale, making the decision to outsource can help your business save in multiple different ways.
Check printing and mailing services purchase ink, specialized envelopes, check paper, and other materials in bulk, which allows your business to save on a per-unit basis. Furthermore, because these companies can print much more efficiently than most businesses can print in-house, the cost of labor can also be reduced. If your business can reduce the cost of check printing by $1 per check or even more, you can save thousands of dollars over the course of the year. Fortune 500 companies may even be able to save millions.
Comprehensive Payment Processing Solutions
Check printing is just one component of processing and distributing payments. Fortunately, most top firms will also offer several supplementary processes in addition to check printing. These services can include statement printing, address cleansing, setting up direct deposit systems, assisting with check printing software, and more. In some instances, creating a hybrid system that involves outsourcing and the in-house use of QuickBooks may be the right decision for your business.
Increased Quality and Access to Expertise
Even when a business is operating with millions of dollars in revenue, that doesn’t necessarily mean that the business will have the working knowledge (and infrastructure) needed to complete all outsourced payment processing tasks on its own. The expertise provided by a professional payment processing firm will help assure that all of your check printing needs are sufficiently met and that your business can continue operating without interruption.
Furthermore, companies such as Smart Payables can also provide high-quality checks that most serious businesses are looking for. Personalized checks will be printed on special paper and also include branding features such as your company logo. These features help project a sense of professionalism—something that is extremely important when it comes to dealing with large sums of money.
Scalable Check Printing Solutions
Due to changes in your business structure and changes in the broader economy, your business may need to scale up or scale down its operations over the course of the year. Luckily, using an outsourced check printing service makes it very easy for a business to make adjustments as needed.
If your business suddenly needs to double its check printing needs—whether this was triggered by a structural change or anything else—all your business will need to do is notify the Smart Payables team. On the contrary, if you are using QuickBooks on your own, you may need to invest in a more powerful industrial check printer or various other infrastructure needs. Once again, while in-house printing may offer a few short-term benefits, outsourced check printing is much more lucrative for businesses looking at the bigger picture.
Added Security Features
Whether your checks are being distributed to employees, business partners, the government, or anybody else, you will want to make sure these checks are entirely secure. If sensitive information is compromised, your business can face various financial or even legal problems in the future. Though there is often some sort of recourse for businesses hoping to reconcile fraud and other issues, proactively investing in check security features can easily be justified on paper.
There are quite a few security features that Smart Payables and other check printing services can provide. These checks will include features such as “built-in security threads, watermarks, toners, chemical sensitivities, and special fibers.” Having these features will not only give your business total peace of mind, but they can also help project an image of professionalism even further. Only a few of these features can be found in basic versions of QuickBooks. Learn more about secure check printing here.
Lastly, one of the main reasons large businesses make the decision to outsource their check printing needs is that firms are able to offer the level of logistical support they require. If a printing error, delivery delay, or other sorts of check issues were to emerge, your business will want to have access to resources that can help set things straight. With easy to access client support available 24 hours per day, your business can continue operating smoothly. You’ll also be able to maintain and improve the financial relationships that matter most.
Conclusion – Check Printing Outsourcing vs Quickbooks
Both outsourced payment processing and QuickBooks have several possible benefits. However, if your business is ambitious and hoping to improve its bottom line to the greatest extent, you’ll likely want to choose a check printing partner like Smart Payables. With reduced costs, increased quality, and access to superior infrastructure and expert advice, there is no surprise that Fortune 500 companies make the decision to outsource check printing on a regular basis. For more information on outsourced check printing and mailing services, contact Smart Payables by calling (720) 287-0030.