How hard is it to write a check? If you’re just an individual paying their utility bill, you probably won’t think twice about it. If you’re a business that writes dozens to hundreds of checks per week, however, that adds up quickly. All those checks cost your business time and money – up to $20 per check, in fact. From paying vendors to processing paychecks, checks are used everywhere – so it only makes sense to optimize the way your company issues them.
If you aren’t sure how many resources your organization spends on check-writing, maybe it’s time to do the math. Some people decide that they’re doing just fine; others are able to save quite a bit of money by using a company that does check printing. This type of service can provide a lot more benefits than just saving you money, though; check out the details below.
You and your team will be able to work more efficiently
Writing and mailing checks may be a vital part of doing business, but it’s basically just busy work. If highly skilled employees are spending hours every week filling out checks and stamping envelopes, that’s a waste of their talents.
Think about what you hired them to do. Are they fulfilling their abilities with the way things are, or would they benefit from more time to spend on projects with actual value? This is especially applicable to smaller teams since they tend to be made up of fairly skilled employees who have to divide their attention between multiple tasks and goals.
You’ll save money
You may look at a check issuing company and wonder why anyone would pay for something that they could easily do on their own. That’s a natural reaction, but it’s also inaccurate. You are paying to issue your own checks; it’s just that the cost isn’t separated from all the other things that your accounting team does every day.
Between the cost of printing, stamps, and other stationery, plus the time spent on the whole process, you could be paying from $4 to $20 to issue a single check. How many checks do you write a month, and how much are they costing you? If you do the math and are shocked at the number staring back at you, maybe it’s time to take a second look at that payment processing company.
You’ll look more professional
A business check is an extension of the organization that issued it. A hand-written check from a standard-sized checkbook will get the job done, but it won’t do much to inspire confidence.
If you decide to outsource to a payment processing company, you’ll get more than just professional-looking checks; you’ll also get customized confirmation messages, invoices, and more. Vendors will see your company’s logo on every communication they get through the payment processing company, which is a small but powerful way to inspire confidence.
It’s more secure
Check fraud is no joke, but a payment processing company can reduce your business’ risk of falling victim to it. When check fraud happens, it could be on a small scale – but it could also be disastrous. It also hurts the relationship between you and your vendors; if you can’t keep your own financial information safe, how can they trust you to keep theirs safe? Even if you have anti-theft measures in place, a payment processing company will have more. A high level of security is absolutely essential if businesses are going to entrust their financial information to them, so they take it very seriously. They employ security measures like special envelopes for paper checks, thermochromic ink, and robust cybersecurity for electronic payments.
You’ll get access to advanced technology and infrastructure
How insightful is your current accounting software? It’s possible to get accounting programs that will let you dive deep into your business’ data, but they can be costly. Not only will you have to purchase and install them, but you may also have to pay for training in order to take full advantage of it. Unless you already have comprehensive accounting software and an all-star accounting department, you may benefit from a payment processing service that provides insights into your organization’s finances, in addition to their other services. If you want to make better decisions on how to use your budget, you should be able to examine accurate, validated, and up-to-date financial information. With the right payment processing service, that’s one of the benefits you could enjoy.
You’ll get custom payment solutions
There are plenty of ways to pay people besides writing a check. If you’re paying multiple vendors, though, how do you keep this straight? This task isn’t technically that difficult, but it does amount to more busy work for the accounting team. A payment processing company, on the other hand, is built for this kind of work. Even if a vendor requests a fairly specialized form of payment, the company should be able to take care of it. Plus, they’ll be able to do this consistently with short-term and long-term vendors, month after month.
Your cash flow will be more efficient
Who doesn’t want improved cash flow for their business? Using a payment processing company means that there will be fewer opportunities for mistakes that could disrupt your cash flow. With so many parts in motion at all times, it’s always a good idea to minimize the risk of errors. Errors cause delays, and delays can mess with cash flow. Check issuing services can ensure that your payments are made in full and on time. Some of these companies will even offer to collect on accounts receivable, which could spare you or your team a few awkward conversations.
The takeaway
Wanting to do things yourself is a great attitude to have, but it doesn’t necessarily work out for the best every time. If using a payment processing company would enhance efficiency and improve your bottom line, why not go for it? You could save money, while also bolstering your business reputation at the same time.
