With plastic supposedly dominating the financial landscape, many small-business owners don't realize the need to invest in a dual-purpose cash and check scanner. The ongoing joke about millennials is that none of them know how to write a check, and this age group typically just writes checks for big sums of money, like rent. However, only 38 percent of consumers claim to never use personal checks, according to a 2014 poll from GOBankingRates. Here are a few reasons your small business needs to take checks:
There is no risk of having to turn business away if you allow your customers to pay with checks. Many people, especially older ones, prefer to do all of their shopping with checks, so if they go to pay for their goods or services with one, and you have no way to scan and accept it, they may have to take their business elsewhere. This is especially detrimental to small businesses, since they don't have the financial clout of a corporation.
Cash will always be the most economical form of payment to accept, but checks are a close second. According to the Small Business Chronicle, credit and debit card merchant accounts charge between 1 and 4 percent of the customer's total as a transaction fee, as well as a transaction fee for the business owner. Checks, however, may not have any fees at all attached to them. While between 1 and 4 percent may not seem like a large amount for a single transaction, those small percentages add up after multiple purchases.
While check fraud does still exist, it isn't nearly as prevalent as credit and debit fraud. Just follow these simple steps to ensure your customers aren't paying with a bad checks:
By scanning your checks with a dual-purpose cash and check scanner upon receiving them, you can also avoid having to deal with the dreaded "bounced" check, as well allows your company to get faster access to revenue by speeding up the deposit process.
November 30, 2016