Disadvantages of Paper Checks
When it comes to banking, there are reasons why a product or service becomes a mainstay in transactions. Conventional checking is a prime example of a system that has withstood the test of time. Though this trusted means of sending money has lasted a while, there are a few cons to utilizing this method. Below are the downsides of traditional checking and why you should consider switching to an all-digital process like ValidCheck!
Day-to-day business can get hectic, even for the most streamlined of transactions. When paying for goods and services with a paper check, there is always a risk that it can get lost. If a tangible document is misplaced, fraudsters have the opportunity to cash it and steal hard-earned funds. Theft can occur in a small amount of time before you have the chance to notify the bank. With eChecks, you can reduce the chance of this occurring, and keep your money safe.
Depending on the size of the business and the amount of times checks are needed, a printing system may be required. The process of setting up and validating a check printer is complicated and costly. Though the investment may seem reasonable from the outset, it’s important to factor in maintenance and unexpected fees to run the system. Additionally, when it comes to printing, the environmental impact cannot be ignored when you look at the amount of paper you’re using!
Disbursement of Funds
With conventional checking, you must post-date the document for when it’s expected to be cashed. Then, the party responsible for depositing the check has to do so on or before the written date for it to be valid. If funds are dispersed off-schedule, this can result in a bounced check. Not only will the sender incur fees, but the bank can flag this as a fraudulent transaction, which can cause long-term financial hurdles.
At ValidCheck, we understand that time is money – which is why paper checks fall short when it comes to pacing. Once a paper document is submitted, it is subject to many cross-checks and verifications before it clears in an accounting system. By switching to an all-digital interface, transactions are authenticated faster and your dashboard is updated accordingly. This way, you know the status of your account at all times, and receive notifications as soon as a process is complete.
Eliminate fraud, waste, and unnecessary steps with easily accessible online electronic eChecks from ValidCheck! Switching to an electronic process increases efficiency and accuracy while saving you money.