Despite rumors of their demise, checks remain a institution of American payment methods, so businesses benefit from investing in dual-purpose check and cash scanners.
It may come as a surprise, but even in the digital age, Americans are still paying with checks. According to the most recent U.S. Federal Reserve Payment Study, checks still account for 33 percent of the total value in noncash value payments made by Americans, surpassing the amount spent with credit and debit cards. Although checks aren't used as frequently as credit or debit cards, for example, they still represent the second highest value of payments (second only to ACH payments, which represent 61 percent of the value of payments, with credit cards at 3 percent and debit cards at 2 percent according to the listed statistics).
In addition, a September 2013 Association for Financial Professionals survey indicated that American businesses use checks to pay for half of their expenses, Vipal Monga reported for the Wall Street Journal. The reason checks remain a U.S. payment method institution is that Americans trust checks. Monga quoted a Association for Financial Professionals manager, Magnus Carlsson, who explained simply that "the check system works.
It isn't a huge leap to believe that, amid recent financial turmoil and uncertainty, Americans want to hedge their bets. Checks are one of the most tried and tested methods of noncash payment, and Americans clearly trust checks to carry their larger purchases. While new technology can be cool, there's always something comforting about knowing that no Wi-Fi glitch or malware infection will interfere in the payment process.
With this in mind, business owners are wise to prepare for check payments, as well as their cash counterparts (like checks, cash remains a go-to spending method, particularly for young Americans). Investing in dual-purpose check and cash scanners will give business owners an easy way to process both cash and check payments.
Dual-purpose check and cash scanners strike the perfect balance between meeting customers' need for the comfort of tradition and employing cutting-edge technology to maximize productivity and save business owners a little time. Dual-purpose check and cash scanners offer an Electronic Deposit Manager that allows business owners to option, image, tally and verify every check's amount and send the totals digitally to the bank. They even allow users to archive check images in an electronic database, eliminating the need to photocopy checks by hand.
August 10, 2016