Checks are on their way out. Of course, when it doesn’t matter, it doesn’t matter. But for some, the slow speed of checks can carry with it real frictions. That’s why many retailers have simply stopped accepting them. As an alternative to cash, there are a number of points that make it hard for checks to stand up to the best credit card processing companies.
When a check bounces, the retailer is on the line to cover the cost. If that weren’t bad enough, banks usually charge a fee for depositing a bum check. It’s just bad business sense, especially if your charges are generally small.
If you received a bunch of checks, it may actually take time out of your day to sign all the physical checks, and then drop them off at the bank to be cashed. It’s annoying to even think about it.
A cloud of waiting surrounds checks. There’s the added wait time in line as the customer fills out the check; once deposited, you the business owner have to wait for the check to clear for the amount to show up in your account; and if you are mailing invoices, you’ve got to wait for the mailed check to come in. All this waiting affects your cash flow.
The uncertainty associated with this wait extends in both directions. If you pay other businesses with checks, there are added pressures and uncertainties. If you’ve ever sent a payment via check only to have that person wait a few weeks to cash it at the least opportune time, you know the hurt on cash flow that checks can wreak.
A better, more responsive system is needed, and thankfully a dedicated merchant account can make it happen. Accepting credit cards is the better cash alternative, and accepting cash and cards will cover the vast majority of your customers.
What’s more, from a B2B perspective, Moolah can open you up to wonderfully more convenient options that allow you to send electronic invoices, which allow you to accept an electronic payment from your payee right from their computer. It’s far faster for you, and faster and more convenient for the person you’ve sent the payment to as well. One more way that Moolah helps to eliminate waits is through faster deposits. You can get money from your card transactions in as little as one day. It’s all part Moolah’s commitment to being the best credit card processing company for all types of businesses—including yours.