In our modern world, practically everything is done digitally. When someone comes into your store to make a purchase, cash or a card are the two methods you will commonly find as they are instant and easy to keep track of without some of the delays that come with writing a check. While the modern world may not need checks, there are still a lot of benefits to having business checks. Companies such as Smart Payables exist to support businesses’ needs for checks, so you won’t see them disappearing anytime soon.
Just because digital payment methods now dominate the world, paper checks are still relevant, especially to your business, because they are a simple form of payment to use and are secure, traceable, and can be accepted worldwide. These physical checks can also help your business advertise its brand to further its reputation as well.
As a business owner, it is vital to choose the correct payment methods that meet your needs as part of making your business safe and reducing risks along the way. Let’s take a closer look at some of the reasons why checks remain relevant in business today.
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Checks are Simple and Professional
Checks have a long history in the business world; people and businesses have relied on these checks for a long time because they are effective, convenient, and straightforward. In some ways, they are better than cash because you can alert your bank and make the checks useless if someone steals them or vital information from them, while they provide a good payment solution if you do not choose to keep cash on hand.
Many companies still provide a paper check for payment to their employees. This process saves time and fees compared to making a direct deposit, and it leaves a paper trail in case it is necessary for taxes or other processes that need to evaluate your financial records. Old habits are often enduring despite changing times, and performing transactions with paper checks can help you look professional while maintaining an old-school simplicity with your payments.
Even though, in some cases, cash can be easier for transactions than a paper check, you need the security that you can get with these paper documents. In fact, you can even choose to do an electronic check or pre-fill some of the information in check-writing software options to speed up the process with added efficiency and accuracy.
Checks are Secure and Traceable
While many assume that checks have gone by the wayside and are obsolete, it is estimated that more than 14.5 billion checks were written just in 2018 in the United States. Much like most modern payment methods you can choose, like a debit or credit card or cash, checks are secure to use.
As time has gone on, checks have gained additional security as well. Most banks and check companies have innovative technologies that make them easier to use and ensure that no one can copy or steal the checks and try to use them without your knowledge.
Some of these security features include:
- Microprinting: This is a print found along the signature line and the border of the check that is visible under magnification but becomes blurred if someone copies or scans the check.
- Watermarks: This message or image gets superimposed onto the check and is visible when inspected under light, making it difficult to reproduce.
- Thermochromatic ink: This ink is going to disappear when placed under heat, which is an added security measure to combat theft and reproduction.
- Visible fibers: During production, fibers can be added to the check that will change the color and density of the check so it can’t be copied.
- Toner adhesion: Some checks are printed on a special type of paper which will make it hard to remove or alter the information that is on the check.
These security features help to make checks a better option for some of the payments you must make. Choosing to use them and picking out the right security features can make a difference in how well checks work for you. When you want to have a secure payment method, taking away some of the risks of transferring money to vendors and clients, then choosing to write checks is a great choice for your business.
Checks Can Meet the Changing Needs of a Business
Any time that you move to digital, it is safer than handling pen and paper for some of your more important business deals. This does not mean that you can’t still use checks, though. Checks have evolved and now allow you to do quite a bit digitally to ensure the transaction is still secure and straightforward.
Companies can use checks through a digital lens if they so choose. In fact, there are many benefits to doing just that as they can access:
- Check printing and mailing so they always have the checks they need
- Statement printing, stuffing, and mailing
- Patient statements and invoices, including those that need to meet specific HIPAA certifications
- ACH/direct deposit is made automatically, so employees are paid on time, and you do not need to keep track of it all on your own
- CSV formatting
- Check printing API software
- Address cleansing
Of course, not all companies will want to switch to completely digital; many still like to work on paper checks instead. It is possible to print or order the number of checks you want and then use those for your daily business operations. Fortunately, checks are versatile and allow you to choose whether you want to go with the traditional paper copy or if you would like to switch to digital means too.
The Bottom Line
While you may see fewer paper checks coming into your business daily, checks are still relevant to your business. There are many situations where you would choose to work with paper checks and a variety of benefits to them too. Providing a simple payment method, adding security to how you pay your employees and vendors, and even the way that checks offer several digital tools as well can help us see that checks are relevant in our modern world for many companies.