• About
  • Mortgage Basics
  • $40K Challenge
  • Aunt Doris
  • Grandfather Says
  • Privacy
  • Archives

Len Penzo dot Com

The offbeat personal finance blog for responsible people.

How Writing Checks Is Still Beneficial for Your Business

By Sabado Domingo

writing paper checksWith modern online banking, direct deposit, and payment services like PayPal, many businesses forget the basic need of having checks on hand.But, in truth, most business owners still use checks often — sometimes everyday.

As such, if you’re thinking about your banking needs, for either yourself or your business, you should look for an option, such as Tech Checks, that still includes personal and business checks.

Why Checks are Still Important

Checks still play a vital role in the banking system.Checks can be so handy to pay vendors when needed — for example, vendors, gardeners, or for other services you may use. You can simply keep your checkbook in a locked drawer, and always have it ready when you need to write them.

Furthermore, many vendors prefer checks they get to receive payment on the spot, but they also don’t have to worry about carrying money around. For some vendors, they don’t accept credit cards, so it can be a hassle to pay them without checks.

Benefits to Checks Versus Credit Cards

Checks are also great because, for the most part, checks are free! Many top tier banks offer checks for free to their customers.Then, on the deposit end, there are no fees to deposit checks into your bank account.

This is vastly different from using a credit card or PayPal.These payment processors regularly charge fees to use them, over 2.5% in many cases. That can seriously eat into the value of the payment. As a result, many vendors will offer discounts to customers who pay with cash or check because they can save on paying these merchant account fees.

Cons of Check Writing

At the end of the day, though, checks are still somewhat more cumbersome than paying with a credit or debit card or even online.You have to manually fill out a check or run it through a printer to have it valid for payment.

Second, checks can be an insecure form of payment if not handled properly.For example, all it takes is someone stealing your checkbook, and you could face thousands of dollars of loss.

Finally, some banks offer online bill pay, which will allow you to send a check to someone free of charge.However, be sure to check with your bank, because some banks charge for this service, and it could still be worth it to write a traditional check.

Conclusion

The choice is yours about whether to have checks or not. However, it’s still wise to maintain an account with paper checks so that you can always have this backup form of payment should you need it to pay a vendor.

Photo Credit: CarbonNYC

April 3, 2019

Comments

  1. 1

    Doable Finance says

    I use online free payment services of the bank where I have checking account. The town does not have online payment receiving such as tax, so the bank sends it check via USPS.

The Question of the Week:

Will you be taking a summer road trip of 500 miles or more this year?

View Results

Loading ... Loading ...

Recent Posts

  • Black Coffee: The Sky’s the Limit
  • The Difference Between Real Wealth and Paper Wealth
  • Savings Tips for High School Grads: 6 Ways to Kick-Start Your Savings
  • Shopping In the Modern Age: Does the Internet Encourage Overspending?
  • 9 Ways to Ensure Your Road Trip Sucks
  • Black Coffee: Tick Tock Goes the Debt Clock
  • Grandfather Says: The Continuing Chronicles of Elaine, Part 15
  • How to Determine If Your Artwork Is Valuable
  • 6 Ways to Clean Out Your House for Cash This Spring
  • 12 Good Reasons Why You Should (and Shouldn’t) Pay Off Your Mortgage Early

Disclaimer

This site is for informational and entertainment purposes only, and the content herein should not be mistaken for professional financial advice. In fact, making investment decisions based on information published here, or any other website for that matter, is more than unwise; it is folly. This website accepts advertising in the form of monetary and other compensation; as such, topics of discussion are occasionally influenced by these advertisers. Sometimes, an article may also include affiliate links, meaning, at no additional cost to you, this blog earns a commission if you click through and make a purchase (for example, as an Amazon Associate I earn from qualifying purchases). Remember, you and you alone are responsible for the decisions you make in life, so please contact an independent financial professional for advice regarding your unique personal situation.

Sign up for the weekly Len Penzo dot Com newsletter
Len Penzo dot Com Delivered Weekly
Join more than 40,000 readers and fans who enjoy personal finance and macroeconomics with an offbeat twist!
Invalid email address
Thanks for subscribing!

Popular Now:

  1. 1. How to Fix Your Finances Without More Money
  2. 2. 34 Financial Tricks to Help You Retire Early
  3. 3. Why Coffee Drinkers Waste More Than Money at Starbucks
  4. 4. How Smart Couples Save Money by Gaming the System
  5. 5. Effective Negotiating Tactics Everyone Should Know
  6. 6. Credit or Debit: Which One Is Actually Better?
  7. 7. Is the Payback Period on Energy Efficient Lights Too Long?
  8. 8. Why Paying Off the Mortgage Early May Be a Big Mistake
  9. 9. Historical Gold & Silver Benchmarks for Wages and Commodities
  10. 10. 4 Good Reasons Why Some Quarters Are Painted Red

All-Time Most Popular:

  1. 1. 19 Things Your Millionaire Neighbor Won’t Tell You
  2. 2. Dear Friend: Here Are 41 Reasons Why I’m NOT Lending the Money
  3. 3. Why Your Expensive Luxury Car Doesn’t Impress Smart People
  4. 4. If You Can’t Live on $40,000 Annually It’s Your Own Fault
  5. 5. 21 Reasons Why Corner Lots Are for Suckers
  6. 6. 4 Smart Reasons Why College Isn’t for Everyone
  7. 7. 18 Fast Facts About Social Security Numbers
  8. 8. My Ketchup Taste Test: Upset! Guess Which Brand Topped Heinz
  9. 9. Why I Prefer a Spreadsheet to Track Expenses and Manage My Finances
  10. 10. Here’s a Simple Trick for Getting Credit Card Interest Charges Waived

Copyright © 2023 Len Penzo dot Com · All Rights Reserved · Designed by Nuts and Bolts Media

© Len Penzo dot Com 2008–2023

x
x