[ad_1]
MeWith everything electronic these days, you would think most businesses no longer use paper checks. Consumers have certainly ditched paper checks. According to one study, only 7% of bills are paid this way. Many of my clients have not received this memo.
Paper checks are still important for most businesses. One-third of B2B transactions are paid this way, and 81% of US businesses still use paper checks to settle at least part of their invoices.
Yeah, we know, so stop rolling your eyes. Electronic payments make more sense for businesses. Faster to initiate, approve and complete, easier to track, audit and report. It saves paper and is good for the environment. They are safer, more efficient and less expensive. They can be initiated and approved from anywhere. And more and more businesses not only prefer electronic payments, they demand them from their customers. My company sells his Microsoft products and even Microsoft recently announced that they will no longer accept paper checks from partners. It’s written on the wall.
But still… miss the paper check.
I’ve always enjoyed the glitz and context of the bi-weekly check run. Cut out the exact number of checks required and run them through a dot-matrix printer to make duplicate copies. Record the amount, payee, date and check number in your accounting ledger. And the grandest of all gestures: the final approval evidenced by the ultimate proof of authority: the signature. Several of my clients enjoy the opportunity to scrutinize and sign every check I was there. Because there is no stronger example than this.
Of course, if a manual check is required, the process is made more serious by the need to pull out a “special” checkbook, usually found in a locked desk drawer. An accountant or business her owner should write out all the information they need rather than using a computer. On the other hand, you have to look carefully through the glasses at the nervous recipient. This is followed by a ritual handover of licking, tearing, folding, and “don’t make me regret this.”
And who doesn’t like to say ‘the check is in the mail’ while enjoying the 5-7 day float before the money is actually debited from your account? Lost. Banks are the only ones currently enjoying the benefits of floats. There is no flashiness or circumstance in online trading. We are digitizing the emotional experience of this time-honored business transaction with his EFT one at a time.
Paper checks are not only a form of contract adopted by businesses throughout history, but also a form of marketing that allows businesses to proudly display their logo. They are concrete evidence of stability and reliability. Most importantly, the bi-weekly check run is a time of contemplation, where vendors deemed worthy of payment are selected, approved, and placed in a stack of our desks for final sign-off. It is a kind of ceremony in which awards are given.
Paper checks are real. They provide the necessary backup for auditors. They are specific and packed with a lot of information. There is an address and a signature (he also has two signatures if it’s really special!). Some amounts are so important that they are not only displayed in dollars and cents, but written as “$141 and 57 cents”. Product payment.
The check number, date, bank routing number and account number are stamped on the bottom using the same font to show how futuristic this is. The back of the check bears a stamp such as “For Deposits Only” (as if it were used for other purposes) and a seal from the bank concerned and the signature of the depositor to “authorize” the check. I have.
Of course, any accountant can tell you that these measures are only a sham. Signatures can be forged. Amounts can be converted with a pen of similar color or a bottle of Wightout. But it feels official, so why not? And who doesn’t like receiving checks? Checks are the only reason we look at email. They make a trip to the post office like opening presents on Christmas Day.
Unfortunately, all this is gone. And it makes me sad.
According to the Small Business Administration, the majority of small business owners are over the age of 50. We grew up on Swanson TV dinners, helmetless hockey, and designated smoking sections on planes. We know this will inevitably change. We will retire and younger generations will fill us in with our checkbooks.
Yes, inefficient and costly. But hold on. Give us this little fun while it lasts.
[ad_2]
Source link
