If a business wants to cut down on unnecessary expenses, check printing may not be the first place they look. After all, how complicated can issuing checks be? Well, one or two checks won’t have much of an impact, but several hundred of them definitely will. With that number of checks being taken care of each month, they most certainly have an impact on a business’s bottom line. Not just because it can cost up to $20 to mail a single check, but also because it takes up employees’ time that could be spent on other tasks.
This has some businesses looking for alternatives; their internet search history is suddenly full of queries like “reduce the cost of check issuing” or mail check online”. The good news is, companies like Checkissuing can take the burden of printing and mailing checks off your hands – and provide several other benefits besides.
You’ll have more data on cash flow
Businesses of all sizes should manage their cash flow, but this is especially true for smaller businesses that may not have as many assets or resources. A check printing service can provide greater visibility on outgoing payments, and you’ll be able to see everything in one place. From payroll, to utility bills, to payments issued to vendors, you can get customized reports on all payments.
If needed, you’ll have HIPAA-compliant payment processing
Businesses that are in the field of healthcare have to comply with strict laws regarding payment confidentiality. This obviously includes personal details like a patient’s state of health and contact information, but it also applies to their payment information. Whatever payment method a healthcare-related business uses, it has to be secure and encrypted – and that’s what you’ll get with a check issuing company. In addition to printing checks, many of them also process various forms of electronic payments. Since they take customer security very seriously, every step is protected by top-of-the-line security measures. For most customers, this means peace of mind. For those in the healthcare field, though, it also means compliance with HIPAA regulations.
More payment methods will be available
Regardless of their size, the majority of businesses use more payment methods than just paper checks. Electronic payment methods are becoming increasingly popular, and businesses that want to keep up with the times have diversified the types of payments they’re able to process. Even so, checks are still a universally acceptable form of payment, so most businesses haven’t fully switched from physical to electronic payments. When considering check printing companies, it might be smart to look for one that offers more than just issuing physical checks; many of them also process electronic payments too.
Remote payments will be an option
Even now that the pandemic is on its way out, remote payments are probably here to stay. They were already becoming popular at the start of the pandemic, but social distancing requirements made them a necessity. Now that we’re all used to having online as well as in-person options, the convenience is something that businesses want to keep offering. Many check issuing companies can take care of even obscure electronic payment methods, so that your business can continue to offer greater payment flexibility to clients and vendors alike.
You’ll enjoy improved cost efficiency
A single business check costs between $4 and $20 to issue. This includes the paper, ink, envelope, stamp, and time spent on the whole process. That’s when the accounting department is taking care of it, anyway; if the actual business model is all about processing payments, they’re able to do it more cheaply, and that’s reflected in the cost to their clients.
Specialized experts will be on your side
The trend of outsourcing isn’t just for those who want to reduce personnel costs; it’s also for companies that want certain aspects of their business to be managed by experts. If you’re using a check issuing company, you’ll never have to worry about losing a check in a pile of paperwork, or struggling to set up a new electronic payment method.
You’ll get better payment security
One of the first questions people ask about check issuing companies is “how do I know they’ll keep my information safe?”. The thing is, these companies are well aware that this is a concern – and they devote considerable resources to ensure that it never becomes an issue. Physical checks have security features like thermochromic ink, the digital security systems are cutting-edge, and all electronic payments are encrypted.
Scalability will be improved
Does your business need to scale up in response to rapid growth? A payment processing company will be able to handle the added volume. Has your business experienced lower-than-normal demand due to the pandemic? A check issuing company can accommodate that as well. There won’t be delays as you order more supplies, and you won’t get stuck with excess stationery because of the decreased need for issuing checks.
Financial statements can be easily generated
If you want your business to be data-driven, getting regular insights into your financial information is crucial. For larger businesses, this usually isn’t a problem; they already have accounting software and other tools that can generate reports on demand. Smaller businesses, however, may not have completely digitized their records yet; this means that much of their financial data is effectively inaccessible. With a check issuing company, that won’t ever be an issue. Since they use sophisticated software and extensive infrastructure, they’re able to provide whatever data you need in the form of customized reports.
Your vendors will notice fewer errors
Even if your business was pretty consistent before using a check issuing company, vendors will likely notice a whole new level of accuracy after switching to their services. Payments will be on time, they’ll be for the right amount, and they’ll even take vendor preferences (like preferred payment methods) into account.
The takeaway
Sometimes doing it yourself isn’t the best way. Check printing companies offer a wide variety of benefits, no matter what field of business you happen to occupy.
