According to the 2016 Federal Reserve Payments Study, while check payment frequency has fallen, checks still account for over $26 trillion worth of transactions per year. Checks may seem like they are on their way out the door, but data shows that massive amounts of money continue to change hands in the form of paper checks even in our digital era. Paper checks see continued use today for various reasons, such as customer comfort levels with different forms of payment, processing fees for other payment types, and smaller businesses having a limited selection for payment methods available to their customers.
Businesses should ensure they provide as many payment methods as possible, giving their customers flexible payment options. After all, there’s nothing worse than a customer who wants to give you their money but runs into problems that cause trepidation or halts the sale altogether. Getting customers to the final point of a transaction just to have them cancel at the last-minute results in wasted resources, like consultation time and advertising spend. Having secure, reliable, and convenient methods for processing payments is essential for businesses of all sizes.
The Problems With Traditional Checks Today
Despite the potential benefits for both customers and organizations that come from utilizing checks for transactions, check processing can be a host to quite a few pitfalls as well. Specifically, paper checks can require and expose sensitive information. Check funds can take time to clear and be received. Accepting paper checks also runs the risk of receiving fraudulent checks that bounce when you try to deposit them. If customers mail checks, then businesses may wait for one to two weeks to receive payment. The modern business world can’t afford to spend a week or two waiting for a check to show up only to have it bounce.
Traditional checks come with a lot of issues. Thankfully, businesses can avoid many of these potential problems associated with checks. Paynote from SeamlessChex provides a method for accepting and sending payments that are quicker, simpler, and more secure than traditional checks.
Accepting Checks Online With Confidence
By using Paynote from SeamlessChex, businesses can eliminate fraud, reduce the time to receive payment, increase security for both you and your customers, and reduce checks bouncing due to insufficient funds. With Paynote, digital checks can be sent and requested without the need for address, routing, or account numbers. You can simply email an invoice and get paid via email. Paynote by SeamlessChex can instantly verify the account owner and confirm the account balance is sufficient for the transaction, so you don’t have to worry about bounced checks ever again. Paynote gets rid of nonsufficient funds returns and helps to eliminate check fraud.
Paynote allows for fund transfers to be monitored for improved transparency and peace of mind. You can also use Paynote to send payments to your contractors, vendors, or to issue refunds. All you need to do is enter your recipient’s name, email, amount, and description. Recipients receive the email and can either deposit the check electronically, or they can print the check and deposit using their banks mobile app. Paynote is free for recipients and there is no account needed, no apps to download, and no online wallet. Managing payment is easy and intuitive with the Paynote system, helping you save both time and money by eliminating waiting for checks in the mail, depositing the check, and reconciling the check payment. Paynote provides a fast and secure method for sending and receiving money without requiring either party to expose their sensitive information to one another.
Learn more about Paynote and the other products SeamlessChex offers, helping you with sales conversions while getting paid quickly and cheaper than credit cards. Visit us on our website and sign up for a free account today.