This blog guides you through the benefits of using a check printing service. It may come as a shock to some, but businesses and institutions still manually print their checks. With all of the advanced technological solutions available, it’s surprising that so many companies prefer manually printing their checks or even using a dot matrix printer.
Bank of America estimates that companies lose between $4-$20 with every check they print manually. Why, then, do so many institutions continue such outdated processes that cost them profits.
Change is difficult, and nowhere is that more apparent than watching businesses cut off their nose to spite their face by continuing to use antiquated business practices.
Using an outsource check printing and mailing service has its benefits, but what are they, and why are businesses so reluctant to make the switchover, even in 2020? Continue reading to find out how these services can help your company improve its bottom line and stay ahead of the curve.
Eliminate the Requirements for Pre-Printed Checks
Modern outsource payment services make it easy for companies to print their personal and business checks from anywhere in the world at any time. Because these services are entirely cloud-based, businesses don’t have to track buying, storing, and distributing their checks.
They also don’t have to track their checks because the online check printing services offer a single-stop solution to all these needs and more. If you already have check printing in your store, you can still use online services to consolidate your check printing services and cut down on your paper consumption.
These solutions offer you secure ways to transition from running your own pre-printed check operations to online blank check services. It doesn’t matter whether you have a ton of pre-printed checks in stock. Online check printing services can step in at any point of the process and reduce the cost of issuing a check.
Protect Your Company From Fraud
The most significant disadvantage to pre-printed checks is that they contain all of your valuable information. By including your account number, writing number, and personal information, thieves can easily access your pertinent information and withdraw funds from your account.
On the contrary, blank checks don’t display your information on the check; the check itself is blank, and you don’t have to input any information until you enter it in the check printing software.
Because blank checks don’t display your information, you can safely integrate your checking interactions with your financial institution. These check printing services monitor all of your slips, invoice printing and mailing, and checks. You don’t have to worry about staying on top of check fraud because you get instant notifications if unauthorized checks enter your accounts.
Additionally, you don’t have to worry about record keeping. Because this software is cloud-based, your checking information has an automated record, further solidifying your check service security.
Eliminate Manual Errors
Using online check printing services ensures that you don’t waste resources by making manual errors on your checks. With check printing software, any mistake you make is correctable and doesn’t waste paper.
Print Official Checks Faster
Dot-matrix check printers can be difficult to operate, and checks take much longer to print than when you use an online check printing software. No matter what type of check you need, online check printing solutions can complete the job within 1-2 minutes.
With on-demand printing, you never have to wait for your checks.
Record Your Data Automatically
Online printing services save you from the mundane nature of check record-keeping. When you use a check printing service, your data automatically enters the cloud. This process can save you hours of record keeping.
It also saves you from human error. Since check printing software services automatically recognize mistakes, you don’t have to worry about accidentally inputting incorrect data. The only data that will enter the cloud will be your verifiable data.
Software such as Quickbooks allows you to keep all of your pertinent data in one manageable location. Not only is this software more accurate, but it also takes away the need to access multiple accounts.
Online Checking Services Are More Convenient for the Customer and Business
Financial institutions may be hesitant to switch to an online check printing service. There are many reasons for this reluctance, but most revolve around myths that simply aren’t true. The following list includes a few examples.
Institutions Think They Can Keep Better Track of Transactions With Tangible Checks
Some of the reasons businesses are reluctant to make the switchover to a more cloud-based check system are that they’re fearful of processing times and losing the checks’ tangibility. However, most of this apprehension stems from a misunderstanding about online check printing services. Online check printing services give you more security and freedom while increasing the speed that checks clear. With these innovative solutions, your business can process checks instantly, making record keeping much more efficient.
Online Printing Services Take Too Much in Fees
Yes, most online services require fees, but they more than makeup for their costs in the time they save. Additionally, many services have caps on their fees. For example, an online checking service may charge you a maximum of $3.00 for transactions reaching up to $300,000.
This price is negligible when compared to the amount you can save by using a check printing service.
Clients Prefer Using Checks and They Will Never Switch to a Digital Service
There’s no denying that we are becoming an increasingly online-based society. When you look at the benefits it provides, why wouldn’t we be?
A study published in Business Insider found that 89% of Americans use online banking services. Of the 89% that use online banking services, 70% use it as their primary banking method. This stat highlights the need for financial institutions and other companies to adopt tools that make it easier for their customers to financially interact with their business.
The fact is, when institutions give their customers online payment options, people make the transition. Why wouldn’t they? If someone allowed you to choose between coming into the bank and processing your check manually or having your check clear instantly with an online checking service, which would you choose?
Online Check Printing Services Improve You and Your Customers’ Experience
Online check printing services make your customers feel like your business values their needs. By keeping their information secure, processing their checks promptly, and protecting them from manual errors, you create a convenient experience they won’t soon forget.
From the business owners’ perspective, you can minimize your costs while also reducing your impact on the environment by going paperless. You also don’t have to worry about bookkeeping and tedious clerical tasks, as online check printing services take that burden off your shoulders.
Online check printing services are the wave of the future. The only question is, will your business resist change or adapt to the new environment?