The Sneaky Costs of Paper Checks
When it comes to business payments, many SMBs automatically reach for the checkbook to settle their bills. After all, companies have used paper checks for centuries. Vendors accept them. It’s how it’s always been done, right?
It’s time to reassess.
Those small slips of paper cost your business big bucks, especially when compared to digital business payments powered by the cloud and mobile apps.
Why are checks so expensive?
Think about what paper checks demand for AP. Buying check stock, postage, and printer ink. Hours wasted tracking down check signers or even delaying payment until they’re in town. Stuffing envelopes. Late fees and bank fees. Reconciliation challenges.
Now, compare paper checks to digital business payments.
Digital business payments complete the work of paper checks in a fraction of the time and with substantially less cost. Once you use digital business payments, you invite new innovations into your back office including:
- Automation of review and approval workflows
- Managing AP from mobile devices
- Depositing payments directly into vendors’ bank accounts
- Automatically syncing AP data with accounting systems including QuickBooks Online, NetSuite, Xero, and Sage Intacct.
The result: Your company has more money and more time to invest in more impactful endeavors.
Want to know the exact costs? We’ve broken it down for you in the below infographic: How Much Does It Really Cost to Pay with Paper Checks?
You’ll be surprised just how much paper checks dent your bottom line.
Ready to start with digital business payments? Try a risk-free trial with Bill.com.