Checks became common practice in the late 17th century and have somehow survived hundreds of years of financial evolution, but that run could be coming to an end. We’ve come up with three reasons why you should shift to digital payment solutions.
Consumers use checks, because we’ve always used checks. We often overlook the numbers of steps it takes to pay a bill by check. From finding the checkbook to finding stamps, envelopes the mailing address, to the outgoing mail box. When a consumer starts paying with electronic checks or credit cards they never turn back.
Long Wait Time
Merchants that receive payments by check get paid slower. Whereas credit card payments are processed and hit a business bank account in one to three days, the average time it takes to receive and process a check is 15 days. If you want to speed up your receivables, stop taking checks.
Credit card payments are denied immediately, but checks can bounce. Not only does this lead to longer wait times (see above), the resulting fees and administrative time needed to track down payments costs businesses valuable resources.
We know that many businesses can’t stop taking checks, but offering digital payment alternatives is a step in the right direction. Migrate customers to digital payment solutions and you’ll be glad you did.
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