3 Things You Should Do Before Accepting Checks from Your Customers

As a small business owner, you already know the perks of offering multiple payment options to your customers. small business checksBeing open to new payment modes allows you to stay relevant and it ensures customers are never turned back just because they were not carrying enough cash. From corporate food cards to payment wallets, seasoned business owners are often quick to incorporate new payment modes.

While new payment modes are getting integrated, accepting check payments is slowly losing its popularity. It’s not hard to find local stores with banners displaying messages like “sorry no checks accepted” or “we don’t accept checks.”

The inconveniences of accepting paper checks are obvious. They are slow, they demand extra effort, and there is that ever-looming risk of checks not clearing. While you are well aware of the negatives of accepting paper checks, here’re some reasons to take down that “checks not accepted” sign.

You Already Have a Checking Account: Most businesses use multipurpose checks to pay utility bills and buy supplies from vendors. Therefore, if you are ready to pay using checks then you should be okay to accept them.

They Can Be Deposited Using Banking Apps: If your business banking account is linked to an online banking app, then you can deposit the checks online. You can train a staff member to deposit the check right in front of the customer. There is no need to go to the bank to physically deposit the checks.

You Get to Attract a New Customer Base: The reluctance of other businesses to accept checks opens a huge opportunity for your business. Simply by accepting paper checks, you will be able to attract people who are not comfortable with credit cards and online payment modes.

Attracts Corporate and Business Customers: Businesses prefer to make payments via check. By accepting checks, you might be able to attract business customers who are likely to order in bulk quantities.

3 Things You Need to Do Before You Can Accept Checks

Train Your Employees: Accepting check payments are not as simple and straightforward as handling cash or credit cards. Checks can get rejected by the bank for all sorts of reasons. Train employees to deposit checks as well as spot checks that are bad.

Set Up a Store Policy: A store policy that lays down the rules of accepting check payments ensures you never have to deal with a bounced check. One of the ways to do that is to offer delivery or pickup after the check has been cleared. To keep things transparent, put up a signage that lists the policies right at the checkout counter.

Setup Online Check Deposit Facility: If you want to accept checks you need to make sure you can deposit them online. Call up the bank to ask if they offer an E-check deposit facility. If they do, you need to follow their instructions to download the online banking app and start depositing checks.

About Roger Dutta

Roger Dutta is a writer and blogger at ROI High.com