The Exorbitant Costs of Sending Paper Checks
Posted by Checkbook on Jun 02, 2020
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
Checkbook is Revolutionizing Payment Processing and Transforming a Billion-Dollar Industry
For decades, businesses and payroll companies have had to contend with slow and inefficient payment processing systems to disburse funds to employees, customers, and vendors. Even as companies continued to innovate in recent years, payment platforms remained stuck in the past with no way to connect the traditional methods to a new age of digital payments. With Checkbook, that connection has arrived.
What is ACH?
ACH or, Automated Clearing House, is a widely used digital technology for transferring funds from one bank account to another.
How To Choose Your Payments Processor?
Knowing which parameters to assess a firm against when shopping for the ‘right’ payments partner is essential to making a decision that will be an optimal solution for your business.