4 Reasons Your Business Needs to Accept Checks
Think Your Business Doesn’t Need to Accept Checks? Think Again
In a world of plastic money and cash, why do checks still matter? Checks often seem like an outdated method of payment, but, in reality, there are many reasons why your business needs to accept checks.
- Old habits die hard. In other words, people often trust paying with cash or checks, even if it is less convenient than paying with plastic. We’ve all seen news stories or know at least one person who has had their credit card compromised when a hacker steals information. Going through the process of getting a new card – and dealing with fraudulent charges and identity theft – is frustrating and waste of time.
- Cards don’t always work. Have you ever found yourself in a situation where you need to pay, but the internet is down or something is wrong with your card? That is a huge pain (and sometimes embarrassing), especially if you don’t have cash. Accepting checks will allow your customers to purchase items, even if there are quirks in the system or utilities are out.
- No convenience fees. Yes, checks take more time to process, but you don’t have to deal with credit card fees. It’s a win-win situation for both you and the customer. First, you’re not out money in order to process the payment received. Second, if the business requires the customer to pay a fee for using the card, the customer may become upset and choose not to do business with you again.
- Checks are easy to trace. They provide a paper-trail that is mutually beneficial for both the business and customer. As a business, you can track the payment to a specific person. When processing the check, you will receive a copy, as will the bank. A copy then posts to customer’s online banking statement, which allows them an additional copy of the transaction. With multiple copies of the same check, there is a record of payment that doesn’t exist with cards.
Contact us today for information on how Premier Business Advantage can support your business needs!