Checks are an essential component of many businesses’ payment process. Checks make it easy to distribute funds where they are needed most, while still providing you with the security you need. Unsurprisingly, billions of checks are issued every year in the United States alone. Today, we will cover everything you need to know about printing checks in bulk, from paperless check printing to bulk API payments. Let’s get started.
If your business issues more than a few checks per month, you may looking for different ways to reduce costs. After all, between paper, ink, printing materials, and stamps, the cost of printing and issuing a single check can begin to add up over time.
According to an AFP survey from 2015, the cost of issuing business checks can range anywhere from $1 to as high as $26 per check. The mean cost of issuing checks is around $6. Because there is so much variation when it comes to business checking expenses, it will be crucial for your business to make the right strategic choices.
Fortunately, the cost of issuing paper checks is something your business can effectively control. By being proactive and looking for creative ways to reduce operational expenses, your business can begin to immediately improve its bottom line.
Conduct a Comprehensive Cost Analysis
In order to effectively reduce the costs of issuing large amounts of checks, you will first need to address every cost component of the checking cycle. Checking involves much more than simple paper and ink. There are also labor and infrastructure costs that your business should not allow itself to overlook.
The cost of issuing checks comes from many different variables:
- Labor: check production, mail prep, check filing, check reconciliation, oversight, etc.
- Delivery: postage, overnight costs (when needed), etc.
- Check Materials: envelopes, MICR printer toner, check stock, etc.
- Fees: bank fees per check, stop payment fees, positive pay, monthly expenses, etc.
- Equipment: printers and other equipment, depreciation expenses, maintenance, etc.
Unsurprisingly, these costs can really begin to add up over time. Even when the costs vary by no more than a nickel, when these costs differences are multiplied 10,000 times per month—as they often are with today’s largest businesses—that is $500 per month your business will be needlessly spending. In order to get the cost of issuing checks under control, you may want to look into hiring a professional check issuing service.
Hire a Professional Check Issuing Service
Today’s best check printing and mailing services offer solutions that are truly fit for the modern era. By operating on an economy of scale, they can help your business immediately reduce the amount it cost to print an individual check. The infrastructure has already been heavily invested in, meaning that your business will not need to worry about certain monthly costs such as depreciation and maintenance. Things such as check stock and MICR printer toner have been purchased in bulk, helping to significantly reduce your marginal expenses.
Using an application programming interface (API), you can begin to integrate your paper checking needs along with a personalized digital platform that makes it easy to manage and monitor each of your payments in circulation. Most businesses have the need for both paper and digital checking solutions, meaning that working with a flexible and adaptive check issuing partner is an absolute necessity.
There is no doubt that professional check issuing services make it much easier for your business to print checks in bulk. When comparing your options, look for partners that offer comprehensive solutions packages that can be tailored to address your business’ specific needs. If your business is in the medical industry, you will also want to make sure that the company you are working with is HIPAA compliant.
Allow your Checking Partners to Pursue Paperless Checking Solutions
According to a study reported by CNBC, digital payments are expected to reach 726 billion by the end of 2020. Choosing a partner that offers both types of checking solutions will help make it easier for you to adapt to the needs and preferences of your suppliers, employees, and other valued checking partners.
As you would probably expect, digital payments make it easier to reduce many of the bulk costs that come with printing paper checks. However, while these costs have been reduced, that does not mean you should be reckless when outsourcing your checking needs. There will always exist a moderate risk of digital fraud. The more checks you issue, the more likely fraud is to occur. Investing in a firm that offers innovative security measures, such as positive pay, will be undeniably worth it over time.
Additional Security Features
Checking fraud can create incredible pain points for your business and even worsen relationships with existing checking partners. Fortunately, the industry itself is incredibly adaptive. With each passing year, a wider variety of innovative security features become available.
- Positive Pay
- Thermochromatic Ink
- Specialized Envelops
- Digital Check Tracking
- Advanced Customer Support
The more you can do in advance to reduce the risk of check fraud, the less likely you will be to run into future issues. This will help enable your business to continue operating smoothly, no matter how many checks you end up printing.
Find Other Creative Methods for Reducing Costs
Clearly, there are myriad ways for businesses to get their checking costs under control. By being proactive and recognizing that checking is an essential component of the operational cycle, you can begin to improve your bottom line. Other possible methods for reducing the cost of printing and issuing checks include:
- Minimize the number of checks needed by issuing them on a monthly, rather than weekly, basis.
- Encourage paperless checking solutions by offering special perks (removed fees, etc.).
- Review your books and determine if any incoming and outgoing checks can be offset.
- Ask your outsourced checking partners if any discounts are available.
The more you can do in advance to control the cost of checking, the easier it will be to maintain a healthy business.
Conclusion – How to Print Checks in Bulk
If your business is printing hundreds of checks every month, it is time for you to get the situation under control. By investing in a quality check printing and issuing service, and pursuing these other cost-cutting solutions, your business will be able to establish an operational advantage. For more information about check issuing by Smart Payables, call (720) 287-0030.