In our last blog post, we talked about some of the reasons that checks as a payment method aren’t going to be going anywhere, anytime soon. While these methods are older and less commonly seen, there is a need for having a system that can process these payment methods. Our blog post today is going to cover a few more reasons that you as a business owner should have a system that can quickly and effectively process these payments.
A PAPER TRAIL
For some people that are interested in keeping records of where their money is going, or even just balancing the money in their account, checks are a great way to do that. Checks allow for a paper trail to be created because it requires withdrawal and deposit on both ends of the system. You might be wondering how this differs from your statements that are tied to your card and the money that you spend with it, but there are a few differences. You see, checks have routing numbers as well as check numbers, making each individual check different than the next. This makes for an easy way to see where money is going and keep a solidified trail of the checks that you have handy.
Another way that checks can’t compare to other forms of payment is that when they are used to pay for a bill, the bank they are depositing the check into will take a picture of the front and back of the check. This serves as security in the case that they say you didn’t pay. When that happens, you can easily call the bank and they can pull up the image of your check as proof that you did pay. This is the only method of payment that can provide you with that form of security. There’s no other way for a bank to provide anyone with proof of your payment.
Online payments are easy and quick, and they do provide us with an updated ability to manage our finances, but the hard part is that it can take some banks a couple of days to process money, and for some accounts, payments can automatically pull or decline payments, which makes staying on top of your account, let alone balancing it, extremely difficult. With checks, the person paying is able to physically write down everything that is being paid for, and in doing so can have a better idea of where their bank account stands. This is something that people who enjoy being involved and who like a hands-on approach to their finances, and since there are plenty of people that do enjoy that, this method of payment isn’t going anywhere.
Impact PaySystem can help you and your business with a payment system that can quickly process checks so that they can be a reliable source of payment. Reach out to our team today and let us provide you with a quality system that you can rely on through and through. We can also help you with various other methods of payment so that your establishment is taken care of!