Finances

Benefits of outsourcing check printing for businesses

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This guide outlines why outsourcing your check printing needs can benefit your business workflow and security.

How many checks does your business write per month? Probably quite a few, but why is that important? Depending on how much you’re paying for each check to be issued, it could actually cost enough to affect your bottom line. This is because each business check that’s issued costs between $4 and $20; even if you’re on the lower end, that could still be a decent chunk of change.

Reasons to outsource check printing

Using a payment processing company for check printing can actually be more cost-effective than writing your own checks, and there are plenty of other benefits as well. A business that prints checks, like Checkissuing, can provide a variety of services to bring greater efficiency and insight to your organization. Want to find out more? Just keep reading!

You can customize your payment solutions for vendors

Some vendors prefer to be paid via ACH transfer, others like to stick with checks, and some may ask to be paid through mediums you’ve never even heard of. That’s nothing the accounting team can’t handle, but it’s just one more thing for them to keep track of, along with all the other moving parts. It’s important to give that option to vendors, but it also doesn’t promote efficiency or organization at all.

If a payment processing service is taking care of check printing, however, they can accommodate just about any request seamlessly. That’s part of their specialty, and they make sure to do it well.

You can enhance security in your payments

No business wants to fall victim to fraud. Not only is it a major headache to deal with, but it also damages their reputation with vendors, clients, and competitors. One of the weak points of checks is that they’re fairly susceptible to fraud, so despite your best efforts, you could be targeted by thieves or scammers.

Fortunately, payment processing companies put a high priority on security with check printing. After all, they’re tasked with handling vulnerable financial details from businesses of all kinds; how many clients do you think they’d have without top-of-the-line security measures? You can trust these companies to put their money where their mouth is, as they devote plenty of resources to keeping your information safe.

With measures like security envelopes and thermochromic ink for physical checks, as well as solid cybersecurity for virtual payments, you don’t have to worry about key financial details ending up in the wrong hands.

You can reduce costs associated with check printing

As mentioned above, check printing isn’t cheap. In fact, it can actually be prohibitively expensive; the problem is that a lot of businesses don’t realize how much those checks are actually costing them. It’s valid to question if the cost of using a payment processing company is worth it, but keep in mind that you’re already paying a certain amount to issue checks each month. The question is, are you already paying more than a professional check issuing service would cost?

Plus, you’ll enjoy other benefits besides just the convenience of not having to spend so much time writing checks. Given these factors, using a payment processing company can actually be quite cost-effective.

You can keep the cash flow going

Discussions of cash flow usually focus on incoming cash, but delayed outgoing payments and check printing can cause problems too. The reality is that, in order to maintain healthy cash flow, all the moving parts have to keep moving; a single error can have widespread effects. Accounting teams generally have a lot on their plates, and mistakes are inevitable.

This isn’t to say that payment processing companies are absolutely perfect either, but they tend to be a lot more precise. After all, that’s one of their main selling points. Whether they’re making one-time ACH transfers or issuing recurring checks, they’ll keep all your payments straight, on time, and paid in full.

You can access advanced insights

A key part of making sound business decisions is using data to back them up. Without the ability to access and explore your financial data, though, that’s a lot harder to do. This is especially true for small- and medium-sized businesses, since they don’t always have advanced accounting software or an all-star accountant to walk them through the data.

With the right payment processing company doing your check printing, you’ll have access to relevant financial data that can help you make more informed decisions. Your books will be maintained so that they’re always updated, accurate, and validated.

You can look more professional

Why do you pay with checks instead of cash? Because it looks more professional. Why would it be a good idea to use a company that issues checks for your outgoing payments? Among other reasons, because it makes you look like you really have your act together. Looks may not be everything, but they still count for something.

A payment processing service for check printing could include personalized checks, confirmation messages, invoices, and more. You could have your company’s logo added to everything that vendors get from the service, as well as any other applicable details. It might not count as much as, for instance, getting paid consistently (which the payment processing company would also take care of), but it will make a good impression.

You and your team can focus on more important projects

Aside from considerations like money, consistency, and security, using a payment processing company for check printing could benefit you by freeing up more time. This could result in several hours each week in which you or your team members can concentrate on more valuable projects, rather than getting stuck with busywork.

You could catch up on tasks that you have a hard time getting around to, or even start new projects to drive your business forward. Whatever you decide to do, you’ll actually have the time to do it.

The takeaway

In order to maintain growth in business, efficiency is crucial. Even if you want to do everything yourself, sometimes it’s better to let someone else take over the tasks that aren’t a good use of your time. With the help of a payment processing company for check printing, you could save money, free up some extra time, and even bolster your business reputation.

Photo by Marcus Aurelius

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