Checks have been a common form of payment since the early 20th century. They were originally introduced to eliminate the need for carrying large sums of money. And while they are still in use by many businesses today, you may want to consider some of the drawbacks of accepting checks.
Customers can stop payments on checks
For any reason, a customer can stop a payment, close their account, and even post-date checks (which sometimes goes unnoticed by bank personnel.) While customers can also dispute credit card payments, when you partner with a company like Rock Paper Coin, with an additional layer of support for chargebacks, you are better prepared to resolve.
Checks take time, and time is money
If your bank doesn’t offer remote capture, you will be spending time and money away from your business – making trips to the bank to make deposits regularly.
Customers make mistakes
It’s easy for customers to enter the wrong amount or incorrect business name on a check. And who hasn’t had something go missing via snail mail? Checks are often sent to the wrong location or simply lost in the shuffle. With Rock Paper Coin, payment processing, customers pay the amount due, no exceptions. And with sophisticated validation for their bank and personal information, human error is cut to a bare minimum.
Customers prefer paying with a credit card
More and more consumers see checks as outdated and old-fashioned…
Especially in the wedding and event industry, where the average customer age is 28-32. Accepting checks could give the wrong impression about your brand. Thinking about your payment processor as an extension of your brand is important! Consider using a streamlined service like Rock Paper Coin for not only processing payments, but also generating invoices and contracts for a clean, sophisticated experience for your customers. After all, image is everything.
It’s all about the points
70% of folks prefer paying with a card. There are several reasons for this but one of the big ones (and it’s growing rapidly) is credit card points. Customers love taking advantage of rewards programs – and big purchases like wedding and event-related expenses go a long way for that honeymoon they are saving up for…or kitchen remodel they are dreaming of.
At RPC, we know credit card fees aren’t fun. But when you consider the convenience you are offering your customers, added protection for you and your business, elevated brand perception, and time-savings, we think online payments are the way to go. To sign-up for 1-year free of online payment processing, free contracts, and invoices, click here.
Sources:
https://us.nxgen.com/advantages-and-disadvantages-of-different-payment-types/, https://en.wikipedia.org/wiki/Cheque, https://www.creditcardprocessing.com/2014/02/businesses-dont-accept-personal-checks/, https://www.fundera.com/resources/cash-vs-credit-card-spending-statistics
