There are so many ways of paying and businesses are no exception. However, there are still many businesses that prefer check over other methods of paying and being paid- here’s why.

With the technology being more advance each day, you’d think that businesses will adapt to the current trends in terms of payments. From the ancient ways of bartering to the today’s cryptocurrency, businesses are adjusting to what clients, suppliers and business partners are using. But checks are still one of the most used instrument. So what make checks the ideal method of payment for businesses?

• Credit Cards are Not Always Best

Plastics are popular but not always a reliable method of payment. Let’s admit it, not all businesses have the necessary system that accepts credit cards. There are small to medium establishments who would rather sign or get a signed check than process a payment through a credit card. There are also a huge possibility of these cards to decline, becoming more bothersome for both the business and other clients.

• Lower Fees

In terms of fees, cash payment is the lowest. But compared to other means of payments, issuing and accepting checks still provide lower fees, second to cash. Credit cards and some debit cards will require a certain percentage for each transactions. Checks, on the other hand, has little to no fees especially when being deposited to a business’ or a person’s own account.

• Secured Payment Method for Business and Clients

When issuing and receiving a check, there are details that should be present on the check. This is a part of making the check more secured. Online and electronic transactions can provide little details, but checks can provide a paper trail that can easily be traced with the details it contains. Fraud is a common problem for most businesses and this can be prevented with issuing and accepting payments through checks. Another advantage of checks is when a check bounces, the paid party can easily file a dispute to the issuer.

Checks also allows businesses to have their list of expenses and have enough time to fund each check issued. There are certain days for checks to clear, giving businesses more time to have enough funds on their accounts. Checks also have unique serial numbers which business owners and clients can list the funds coming in or out of their businesses.

• More People Still Prefer Checks

Checks still look professional in terms of payment. Businesses find themselves more trusted when they issue checks and accept payment through checks. The use of checks never go outdated and barely changes over time. More people are familiar in using checks than credit cards and would prefer checks because of all the above stated reasons.

Checks are accepted by many establishments and can even be cashed by reputable encashers in your area.

So before you even think of closing your checking account or not accepting a check payment, whether you are in a business or not, remember these reasons why you need to keep checks. If you are a business owner, do not limit your payment method to just cash and establish a good credit with checks.