Posted by Checkbook on Jun 02, 2020
The Exorbitant Costs of Sending Paper Checks
Bank of America estimated that it costs between $4 and $20 for a business to process a paper check. Don’t forget to add one off problems and mail delivery breakdowns that add to this cost.
On the recipient end, we continue to lose money while waiting around 3 days to actually receive our check in the mail. Now the recipient has to take the time to deposit the check at their bank and wait for that balance to be added to their account, all the while the time value of money working against them.
Let’s not forget the environmental cost as well. Checks are of course impossible to reuse and waste paper every time a new one is cut. Additionally, think of how many checkbooks sit lying around in the back of desks and drawers, never to be used. These are trees that were unnecessarily cut down to create checks that will never even be used.
Here is a small illustration of the cost savings that Checkbook brings:
About Author: The Checkbook Team
What is a Digital Check?
Checkbook.io’s Digital Check takes the Paper Check of the past and digitizes it
What is Same Day ACH?
While traditional ACH payments take 3 business days or more to settle, ‘Same Day ACH’ payments, are settled within the same business day.
What are Real Time Payments?
Real time payments allow individuals and businesses to, with the push of a button, instantly make funds available for use.