Saying paper checks are better than online wallets may sound insane. However, they are really two different tools in your swiss army knife of financial transactions. Armed with their own set of advantages, it’s really up to you bring them into play to match different payment scenarios. We are all familiar with the popular arguments made against paper checks. Slow and effort-intensive being the most common criticisms. Even with those pitfalls, checks are still going strong.
Why, in an age of electronic payments, do businesses still cling to using cheques?
They are extensively used by businesses to pay employees as well as vendors. Personal paper checks are even used by everyday users to pay utility bills and make payments to service contractors. In an attempt to renew your respect for this age-old payment method, the following are 5 ways checks are better than payment wallets.
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Barring the few stores, that hang “checks not accepted” signs, paper checks are still universally accepted. It doesn’t matter if the recipient has a bank account or not, checks can be given to anyone with a valid ID card.
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Internet has become like the air we breathe, it’s ever present and it’s everywhere. Well, almost everywhere. If you head outside the city towards off-the-grid locales, finding a decent signal can become a full-time job. With unreliable cellular service, bringing along your checkbook makes much more sense. The same goes true when you are travelling abroad as a traveler’s check can bail you out of a tricky payment scenario, especially when in remote locations.
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The chore of writing a check and then giving it to someone seems needlessly time-consuming. However, that’s not how businesses operate. Businesses keep a healthy stock check paper by ordering overnight checks every month. They use check printing software to print these checks in bulk.
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Once printed, the checks are sealed inside window envelopes and they are ready to be mailed. The mail guy comes in and picks up the checks and it’s done. Once the checks are in the mail, businesses consider the payment to be made as the task of depositing them is no longer their responsibility. A seasoned accountant can print hundreds of checks per day while keeping a tab on all the payments made.
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Businesses need to keep a tab of their expenses to file their tax returns. Accounting software packages used by businesses cannot be paired with online wallets. However, these software packages can be used to print checks in bulk. These software programs not only store recipient information but they also add the checks issued to the master database. This makes tracking particular payments and associating them to vendor invoices an easy affair.
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How can you make something obsolete when everyone’s still using it? Like it or not, checks are still the predominantly used payment method for businesses. In the global scheme of things, payment wallets simply lack the number of users to completely dethrone paper checks. From NY city landlords to farmers in Iceland, checks are recognized and accepted by all. Meanwhile, due to local government regulations, digital wallet giants such as Venmo and Apple Pay are facing a hard time penetrating foreign markets.