Numerous financial transactions take place throughout the lifecycle of a business. As a result, companies want to streamline their payment processes and safeguard sensitive financial records, and checks have facilitated this. However, with continued tech advancement, finding the most suitable type of check has become a real challenge, but with guidance, it is easy and straightforward.
Security Features
While checks are more secure than cash transactions, they are subject to a few security concerns. Most businesses often worry about risks such as check forgery and unauthorized alteration. However, security features such as watermarks and check-scanning machines have been a game changer. They have minimized, if not eliminated, these risks.
Verifiability
Business owners can personalize their checks, but verification is required. Verifying a check could be as simple as printing it as a voided check. Alternatives to a voided check include bank-issued check-specific sheets or MICR. However, do the paperwork early enough to save time and make the process hassle-free.
Don’t worry if you can’t provide the documents required to get a check from a bank. Computer checks are a suitable alternative. They eliminate the cost of printing a check and reduce your carbon footprint as your paperwork doesn’t pile up. Laser checks are also compatible with various accounting systems; thus, they streamline the payment process. Transactions done through computer checks can also be recorded and retrieved later, simplifying the bookkeeping process.
Compatibility
Checks compatible with your accounting systems make every process a lot easier and more streamlined to record and process financial transactions later. Examples of software programs that your checks should be compatible with include Sage, Quicken, and QuickBooks. Integrating your checks with these accounting programs allows you to print out pre-printed checks; however, to print blank checks, opt for alternative programs such as VersaCheck software. Either way, check if your bank requires that you add the MICR security feature on your checks, and if it doesn’t, consider acquiring check-scanning equipment. They allow you to do transactions even without the magnetic ink security feature on your check. You also save on merchant fees and avoid carrying your checks everywhere you go.
Check Type
Different checks, including laser, corporate, and personal checks, serve different purposes. For less frequent transactions such as settling monthly or annual bills, consider a 1-per-page check. However, a three-per-page check will save you on frequent daily transactions by lowering the printing cost.
Customization
Personalization often adds to the cost of obtaining a bank-issued check. To have your check personalized or printed on customized paper, you might have to dig deeper into your pockets. However, computer checks are an alternative option, as you can customize your check yourself. It’s also easier to change a name on a computer check, and you can request the printer to include personal details such as a business logo on the check. However, a voided check might be needed for verification. Another pack that comes with computer checks is that you can have as many signature lines on your check as you want.
