Why you should kick the check habit

Many business owners like getting checks because they’re familiar and can help with tracking finances. In fact, 63% still accept them.1 But for owners looking for speed and convenience, there’s no beating digital payments. Let’s follow a check and a digital payment through the clearing process to see why you should consider making the shift.

 

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Check payment process

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Digital payment process

1

Your customer pays you by writing a check and delivering it in person or by sending it through the mail.

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First-class mail may take several days.

Your customer makes a purchase or settles an invoice using a digital form of payment.

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No waiting around for the postal carrier.

2

Traditionally, you may deposit the check in person at a Wells Fargo bank or ATM.

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You’ll need to take time away from your business to visit a branch or ATM.

The payment information is encrypted, and the transaction is submitted for processing.

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No need to take time away from your business to drive to the bank.

3

We credit the deposit to your account on that same business day if the deposit is made before the displayed cut-off time at the branch or ATM.

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In some cases, a deposit hold can be put on your check for up to 7 business days, delaying availability of funds.

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You also run the risk of non-sufficent funds with checks, which could cost you time away from running your business.

Your customer’s bank verifies available funds, which helps eliminate the risk of a bounced check, and your account is credited within minutes.

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Your customers like digital payments.

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78% of consumers rank them as their #1 preferred payment option.2

 

When is the money in your account?

 

Up to 2 weeks

Typically within minutes

Digital payments are constantly adding more features that enhance security, increase speed, and add tracking.

Consider kicking the check habit to get the money you’ve earned faster than checks.

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1. “What Percent of Businesses Still Accept Cash?” PaymentsJournal, October 29, 2019

2. “Digital Transformation of SMBs: The Future of Commerce”, Visa, accessed June 24, 2021

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