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• Content META

  Title	3 reasons why your business should ditch paper checks
  ID	4403822
  External ID	7303850556
  Author	Brandpoint Bpt
  Published Date	Nov. 15, 2024, 1:43 a.m.
  Summary	(BPT) - By Mary Kay Bowman, EVP, GM of Payments and Financial Services at BILL Technology has become so ingrained in our daily routines that it feels like paper checks should already be a thing of the
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  URL	https://www.caswellmessenger.com/online_features/tech_talk_and_innovation/article_7de734e2-3240-55f3-a0a6-7a9a6a5fa92f.html
  Sentiment	Negative: 0.20723    Neutral: 0.75896    Positive: 0.03381
  Relevance	0.01190

• Content Details

  Content ID	2621297
  Key	ce0d5969-686a-4b6f-a1ba-ac4f7c5e8ec7
  Content	(BPT) - By Mary Kay Bowman, EVP, GM of Payments and Financial Services at BILL Technology has become so ingrained in our daily routines that it feels like paper checks should already be a thing of the past. In fact, many young adults have never even written one, and many major retailers no longer accept them. And in today's era of smartphones, online banking and digital payments, it may be surprising that paper check fraud has more than doubled in recent years. Accepting paper checks isn't only riskier than ever — they are also more costly, less efficient and take more time to process than before. Even so, 75% of businesses still use paper checks, including many small and midsize businesses (SMBs). If your business is reluctant to give up paper, now may be the time to take the plunge and go digital. The good news is, making the switch is a lot easier now — and today's digital payment processes are faster, safer and more secure than ever before. Top reasons to go digital Need help weighing the pros and cons of ditching paper checks? Here's a look at the risks that paper checks can bring, and the advantages of digital payments. 1. Paper checks bring more risks than rewards Risks from paper checks are at an all-time high, and here's why: Time is money — Think about it: Checks need signatures and approvals, postage and mailing time — costing more, using more labor and plenty of unnecessary paper. Then there's the postal system, which can delay transactions, and lead to less transparency. Checks also have to clear banks, which may hold funds for a period of time to ensure there are sufficient funds to guard against fraud. And checks with higher dollar amounts are more likely to take longer to clear. Theft and loss — Checks contain the sender's banking info, leading to security risks if they're lost or stolen. You send banking details through unsecure channels (the postal service) when a check is mailed, putting that information at risk. For example, one new trend has thieves targeting the "arrow keys" that provide mail carriers with access to USPS mailboxes. And once the sender's information is out there, it can be sold on the dark web and be used to forge additional checks, putting the account balance, the sender's good name and credit score in serious jeopardy. Your bottom line — Checks have been around for ages and for long-time users, it may seem like their cost is "free," but do you really know the cost of issuing paper checks? It can range from $4 to $20 per check — as opposed to only approximately 30 cents for digital payments. Even worse, manual check processing opens more opportunities for errors and lack of visibility — and time and money lost when your business has to track down sent and received checks. BILL customer and leading plastic and cosmetic surgery practice RenewalMD has experienced the risks of paper checks firsthand: RenewalMD didn't have a good process for accounts payable management. Their administrative assistant sorted through snail mail and entered bills into their accounting system manually. "It was a nightmare," recalled RenewalMD COO Scott Regan. "We'd find out later we'd been cutting checks for things that didn't need to be paid." Then serious financial fraud occurred when someone from another state used their routing and account numbers to write fraudulent checks. Worse yet, their bank wouldn't help them recover the money, and all they could do was close the account. "I didn't want to write another check on that account," Regan said. "The more checks you have in circulation, the easier it is for someone to lift your routing and account numbers to fake a check." His team upgraded to financial automation software from BILL, so they now make digital payments quickly, easily and — most importantly — securely. 2. Digital transformation is gaining momentum Digital transformation is not going away and businesses everywhere are reaping the rewards by leveraging technology to better serve their customers and stay ahead of competitors. According to BILL's 2024 State of Financial Automation Report, 90% of SMBs agree that automation is key to improving business efficiency. Although the thought of adopting new technologies may seem daunting, the benefits of going digital are clear: Increased efficiency: Online payments for businesses can cut the time associated with bill approval by over 50% — helping your business collect money up to two times faster. Enhanced security: With digital payments, your financial data and documents will be safer due to secure, encrypted, password-protected servers. Better accuracy: Digital business payments can automatically sync with your accounting software, so the information is never entered twice — making the process of paying and reconciling payments that much more precise. More visibility and control: Online payments let you track every step, including everyone who touches that payment within your company and outside of it. Convenience: Payments can be made from anywhere using any computer or mobile device. 3. Going digital is an easy way to up-level your business Most importantly, your business needs a simple way to make payments and get paid quickly and securely. Today's digital payment methods make it easier, faster and more secure to pay, receive and track bills — and it's not hard to set up, with leading financial operations platform BILL, which is simple and easy to use. Switching to electronic eChecks/ACH payments or other types of payments saves time on manual tasks while cutting costs of materials like check stock and postage. With help from BILL, your company can: Streamline and track payments by choosing your payment method, paying bills and tracking payment information on one platform. Be more flexible with all the payment methods you need, when you need them. Save time by automating your AP process to eliminate the manual process of paying bills. Manage cash flow with payment flexibility and full documentation that puts you in control. Stay in sync thanks to digital payments that automatically sync with your favorite accounting software. Reduce risk of check theft and fraud with secure digital payments. BILL customer and hospice innovator BetterRX has seen the benefits of eliminating manual financial processes and going digital: Before using BILL, BetterRX often paid invoices with paper checks, so staff members had to travel to the office to sign and mail them. With BILL, BetterRX optimized their financial operations within a single platform, eliminating these manual processes — and the need to be tethered to a physical office. "We've been fully remote for years, thanks in part to BILL," said Randi Letendre, CFO of BetterRX. "This lets our people work from all over the world, accessing the platform anywhere, even from phones and other devices." Being able to better optimize cash flow through digital automation is a key differentiator for SMBs seeking a competitive edge. Having a choice in payment options helps SMBs transact quickly, securely and efficiently. BILL offers all of this and more to SMBs. Not only can you use BILL’s eight different payment modalities, but you can also benefit from the flexibility of BILL's payment innovations, such as: ACH payments: ACH via BILL is fast, more secure than paying through your bank's ACH and has low processing fees. International wire transfers: BILL international payments can be sent from the U.S. to 137 countries and via 106 currencies. BILL offers a $0 wire transfer fee and competitive exchange rates when paying in local currency. Credit cards: BILL credit card payments are quick, allowing you to optimize your cash flow through deferred payments, while you earn points, miles, cash rebates and more. Virtual cards : BILL's one-time-use credit card tokens are perfect for businesses that want a fast, secure, cost-effective payment solution. Real-time payments: RTP is best for businesses that need to make urgent/time-sensitive payments within seconds or have receivers who need early access to funds. BILL RTPs can be processed 24/7, 365 days a year, including holidays and weekends. The good news is that BILL can automate and manage your business’ financial needs all in one place without the need for paper-based or manual processes. To learn more and to start your risk-free trial, visit Bill.com/Signup. Email Print Copy article link
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  Data Source Type	news
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