For many of us, it may seem like paper checks and processes like check printing have gone the way of the dinosaurs. With the rise of credit cards, debit cards, and online banking, it might seem like there isn’t a place for traditional checks in our economy anymore. However, in actuality, this couldn’t be further from the truth.
Checks are printed, issued, and written by businesses and consumers every single day. In fact, according to the Federal Reserve, millions of commercial checks are still issued each year, totaling billions of dollars in value. Clearly, checks still matter as a vital and reliable method of transferring funds. But, in 2021, how vital is check printing still for businesses?
In this blog, we work to answer this question and more by diving into the world of check printing and processing. We also review some of the most common reasons why businesses still even use checks and how you can print off your own checks at home. We conclude by looking at how outsourced payment processing can benefit businesses of any size.
Smart Payables is your outsourced payment processing firm that specializes in check printing and processing, direct deposit automation, tax documents, and more. With the latest tools and technology and unmatched experience, our team of accounting experts will ensure that your financial processes are efficient, effective, and fully optimized. We know what it takes to help your business grow through improved financial processing. Take the next step with Smart Payables and learn what outsourced payment processing can do for your business.
IS CHECK PRINTING STILL VITAL FOR BUSINESSES?
As previously noted, checks still play an important role in the financial world. Whether you’re performing payroll for your employees or simply making a purchase at a store or restaurant, checks are a reliable and secure method of payment.
Since millions of checks are still issued each year, check printing and processing is still vital for many businesses regardless of size or industry. Ensuring that you have efficient check printing and processing methods is especially important for larger companies that may issue thousands, or tens of thousands, of checks every year for their payroll and vendors. This, in part, is why many companies opt for outsourced check printing companies. These professionals can handle check printing and processing and various other accounting services—often more efficiently and effectively than in-house employees.
Checks are also seen as a safer and more reliable method of payment. No matter the business or industry, you can feel secure knowing that they most likely use and accept checks. In fact, according to the Washington Post, roughly 97 percent of small businesses still use paper checks for some or all of their financial transactions.
WHY DO BUSINESSES STILL USE CHECKS?
Checks are still a vital method for sending and receiving funds for businesses all over the world. No matter the size of the company or the industry, countless businesses rely on checks for their financial operations.
But why do businesses still use checks so frequently?
- Security: while check fraud is still a relevant problem, many still see checks as a safer option when it comes to sending or receiving funds. A credit card, for example, can easily be lost and then used fraudulently. A lost check, on the other hand, is harder to use fraudulently if it’s filled out properly.
- Reliability: while check usage may be down year over year, they’re still accepted by almost any business—large or small. We’ve all felt the frustration of walking into a store or restaurant and seeing that they don’t accept debit or credit cards. With checks, you have a much more reliable payment option.
- Processing fees: many small businesses avoid credit cards because they don’t want to pay the additional processing fees. For each credit card transaction, they lose a percentage to the credit card company. To avoid this fee, many business owners simply stick with cash and checks.
- Familiarity: at the end of the day, many businesses and individuals stick to checks because they’re familiar with this payment method. As the saying goes: if it isn’t broke, don’t fix it, right? For businesses, changing your accounting and financial processes can also take time and require additional resources, causing many business owners to stick with the traditional option.
CAN YOU PRINT YOUR OWN CHECKS?
When you need a new book of checks, where do you go? Most of us head out the door for that inevitable trip to the bank to wait in line and then pay a small fee for new checks. While this is the most common way to receive checks, it isn’t your only option. Many individuals and business owners are shocked to learn that you can actually print checks at home. But how easy is this really?
Whether you own your own business or simply want more control over your check printing and processing, it’s relatively easy to get set up and start printing your own checks. All you need is some basic equipment to get started, such as a printer, check stock paper, magnetic ink, and check printing software.
OUTSOURCED PAYMENT PROCESSING FOR YOUR BUSINESS
More and more businesses are taking advantage of the services offered by outsourced payment processing firms. These specialized firms can handle a wide range of fundamental accounting tasks, including payroll, check printing and processing, address cleansing, and more. Many companies may not have the resources to dedicate a full employee to accounting tasks. This is where outsourced payment processing can help.
Outsourced payment processing allows your business to free up valuable time and resources by hiring an entire external team of accounting experts to handle some or all of your financial processes. These experts can enhance financial security, improve efficiency, and even cut down on overall costs.
So, what exactly can outsourced payment processing do for your business?
- Check Printing and Processing.
- ACH Direct Deposit Automation.
- Statement and Document Printing.
- Address Cleansing.
- Tax Documentation.
- Check Printing Software.
CONCLUSION – IS CHECK PRINTING STILL VITAL FOR BUSINESS?
Believe it or not, but checks still matter in the financial world. Countless businesses, especially small businesses, and individuals still use checks on a daily basis for a variety of financial transactions. Whether processing payroll, paying out vendors, or simply making a purchase in a store, checks are still a necessary part of our economy and are relied on by businesses and individuals all over the world.
Many businesses still prefer checks for several reasons. Often viewed as a more reliable, safe, and widely accepted form of payment, checks secure payments for many different businesses in all kinds of industries. By printing off your own checks at home, you can take even more control over your financial processes.
If your business is in need of professional and effective check printing and mailing services, we’re here to help. Tailored to fit the size and unique needs of your business, our experienced payment processing experts can free up your valuable time and resources and take your financial processes to the next level.
Contact us today to learn more about Smart Payables and our outsourced payment processing services.