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We live in a generation of conveniences. This is especially true when it comes to the way in which we transact our business. Businesses today have embraced the online space to make themselves more visible to clients and reach a wider audience. To take the convenience of transacting business even further, they are slowly moving from a paper based economy to a more cash-less one. This is where check payments come in handy.
Whether your business model is a B to B or a B to C model, there are a number of advantages of making and receiving payments from your clients via check as opposed to cash or card payments.
The very first advantage is the security of your transactions. Cybercrimes and other forms of online frauds are making it rather difficult for consumers to trust online payment platforms. In order to make any purchase and pay online via card, one has to disclose a lot of personal information, something that does not sit well with a number of people. Checks on the other hand are a more direct and secure affair, especially from the client’s perspective.
Secondly, paper checks are a proof of payment. They double as both a debit and a credit payment system. When enough funds are available in the payer’s account then they operate as a debit payment facility. Clients simply have to write a check and the transaction can be considered complete. When funds are insufficient but you expect some money in the account in a few days, you have the option of writing a post-dated check. This simply means that clients can get goods on credit with the promise to pay at a later date. While the business owner reserves the right to accept post-dated checks, doing so helps them build relationships with clients and gains them access to repeat business which is essential for any business growth.
Innovations today have made it possible for businesses to use checks as a much needed branding opportunity. Online check ordering services such as Deluxe Business make it possible for business owners to customize their checks. One can pick a number of options from their brand logos to any other emblems that they identify with.
Lastly with checks you have a paper trail. This is especially if you are in an industry that has a high transaction rate. Dealing with large sums of money and at a high frequency can be a rather tedious affair. It also opens up loop holes for money to be mismanaged. Checks give you a paper trail with which to keep financial records and removes the temptation of cash mismanagement.
Take time to shop around for the perfect business checks for your business in order to enjoy the advantages that come with it. Consider the option of getting the check from your bank, ordering it online, or customizing it through service providers such as Deluxe Business.