In the landscape of online banking accounts, debit and credit cards, there is still adequate room for electronic business checks. Although writing out a check is challenging and time-consuming, there are multiple benefits to using business cards or checks. The record-keeping, the security, and the advertising potential that come with business checks can’t be ignored. Today, it has become easier for fraudsters to steal information from credit/debit card users and online banking account holders. In the case of business checks, things don’t seem to be that easy to steal and scam. Henceforth, many businesses still utilize checks for business needs because of the myriad advantages.
Easier monitoring of expenses
To run a successful business, it is essential to keep track of cash flow and monitor expenses. When automated business checks are used to pay expenses, businesses can easily track their expenses. Thanks to the presence of different types of accounting software packages, expense monitoring procedures are made easier.
When payment is made to employees, vendors, etc., using electronic checks enables businesses to calculate the total expenditure. The same applies when there is a utility bill payment. This is done by reviewing the bank statements and filtering out check payments that have been made. The existence of a paper trail makes monitoring expenses easier. Additionally, it is also beneficial to file taxes.
No processing fees for recipients
Businesses are mandated to pay a certain amount of a processing fee for accepting credit or debit card payments. A business owner has to work with several other companies that might not accept credit or debit card payments. On the other hand, business cards/checks are accepted worldwide. Furthermore, they also have a reputation for being more cost-effective than other procedures. The most highlighting feature is that businesses must spend only a few cents to use business checks. In addition, the recipients don’t have to pay processing fees for the same.
A professional appearance
Whether a small-scale business or a large company, the owners want to demonstrate a professional appearance. It is not advisable to make payments to employees and vendors using personal checks, as it can significantly damage the company’s reputation. A company without a business checking account indicates it is asking vendors, suppliers, employees, and other concerned individuals to utilize personal accounts. This is a highly unacceptable practice, as using personal checks or accounts for business purposes is unprofessional. When one owns a company, he/she needs to invest in good business cards and check for professional logos, if possible.
Reputation and professional branding
One of the highlighting benefits of using digitized business cards is enhancing the company’s branding. In addition to the brand, business cards can also reflect a company’s reputation. Thus, it is important to separate personal cards and business cards when dealing with payment transactions related to the business. Using business cards helps a company improve and strengthen its brand with a wide array of personalized features like
- Company logo
Alongside the visual benefits that business cards offer, they can also enhance branding in the way that matters most. Having a digitalized business card helps to showcase the right contact details and information. There is nothing better for a company to use digitalized business cards and handle financial transactions without any hassles for the most valued customers, clients, vendors, and everyone involved.
Electronic checks have become faster
One of the main reasons for not encouraging check payments is their time-consuming nature and the effort involved in depositing paper-based checks. To do so, visiting the bank or any financial institution is necessary, which is no doubt, a delayed process. Today, with digitalization, banking services like e-check acceptance have made things easier and faster. Business owners can efficiently utilize mobile banking applications to scan and send business checks. When compared with paper checks, the entire process of electronic checks has become faster and more efficient. This is one of the reasons companies are reconsidering their decision not to accept business cards or checks.
Additional security and protection
The presence of business cards or checks adds additional security to the entire procedure. They are considered to feature a wide array of security measures that make them extra secure when compared to other modes of payment like online banking, debit, and credit card payments. Some of the highlights of business checks are:
- Prevention of duplication because of the presence of heat-sensitive icons on them.
- Presence of watermarks safeguards against all kinds of forgery.
- The presence of security holograms makes business checks virtually impossible to duplicate.
- The special coating is applied to obstruct tampering with the details on the checks.
Cost-effective, time-saving, and convenient
Many are unaware that the cost of e-checks or cards is cheaper than paper business cards and checks. Studies reveal that average paper business checks and cards cost around $1.50. On the other hand, electronic business cards are around $0.50. Henceforth, there is a clear indication that there are more savings. Moreover, convenience and time-saving are the two most attractive advantages of using digitalized business cards over traditional paper cards or other modes of payment. One doesn’t have to depend on paper checks given by customers and clients. Additionally, the hassles of manual tasks associated with them are also eliminated.
When it concerns electronic business cards and checks, it has the benefit of automation and reliance on Federal-regulated networks. Time and again, it has been proven that electronic business checks are more secure and reliable than paper checks, debit/credit card payments, and online banking. Thanks to the encryption-based attribute that verifies the account number and other required details before conducting any function. The features mentioned earlier ensure the benefits and importance of business cards, and more companies are utilizing them. Because a business card or check can’t be cashed by anyone, it is not vulnerable to online theft and scams.