With the conception of new payment gateways and methods, checks seem to be one of the most dated forms of payment. There are several reasons why millennials do not even know how to make check payments. Multiple online payment methods have made transactions simpler. However, businesses still seem to be purchasing printable blank checks at a steady rate. To understand why printable blank checks are still a basic business expense, you need to know the advantages they present to payers and payees.
1. Physical Payment Method
With check payments, there is a piece of paper being used as a medium of transaction. With online transactions, the process is entirely intangible. The use of tangible proof of payment can be beneficial for businesses while making multiple transactions. Possession of the check allows the payees to keep track of who the payment is from easily. So, the tangible proof of payment makes printable blank checks an indispensable purchase for businesses.
2. Sense of Security
Along with a tangible form of payment comes a sense of security. You can review the check before handing it to the payee. If you have made any mistake, then you can call the bank and get the check canceled before it has been cashed. Since the transaction takes place entirely intangible, there can be some distrust. Checks seem to offer a sense of security that many businesses prefer.
3. Low Expense
Businesses need to complete transactions frequently. Most payment gateways charge a fee for transactions, and some payment options might limit the amount and frequency of transactions. The cost that of printable blank checks is limited to the nominal material and print cost. With a check, you can enjoy a fee-free transaction.
4. Ability to Pay Later
Post-dated checks are frequently used by businesses to pay vendors. The printable blank checks are printed with a future date after which the payee can deposit/cash the check. Issuing post-dated checks are a part of a business’s financial planning. Businesses post-date checks in anticipation of their funds getting replenished. As a beneficial financial step, businesses use checks to pay off vendors.
Printable blank checks are easily available from check vendors online. Apart from printable blank checks, the vendors offer a variety of checks like QuickBooks compatible checks. Multiple vendors offer competitive pricing which is beneficial to the businesses that buy the checks in bulk.
6. Ease of Printing
Once the printable blank checks are bought, a check printing system needs to be set up. With the help of an inkjet printer and QuickBooks, businesses can easily print checks. Among its many features, QuickBooks keeps records of payments, and the process of printing a check can be done with the help of the software.
7. Old Habits Die Hard
Checks have been a system of payment for years. Many generations have used the payment method. The newer more tech-heavy payment systems are not easily accepted by older generations. This old habit of using checks as a primary form of business transaction makes checks the conventional payment method.
Thus, even with some simpler and more accessible payment forms available, businesses use checks as a regular form of payment.