5 Reasons Why Your Small Business Should Continue Using Cheques

The cheque has been around for hundreds of years. And it's not going away anytime soon. A cheque is, after all, an instruction that tells your bank how to pay the recipient effectively. I'm sure you know how it works.

When you deposit a cheque into your account, your bank sends it to the bank of the person who gave it to you. The bank attests for the cheque's legitimacy, and that the issuer has the funds to cover the amount. Afterwards, the bank forwards the funds to your bank.

Lots of institutions are more inclined to innovate around cheques rather than stamp them out. They might disappear in the far future, but for the moment, cheques still play a vital role in the financial system.

If they don't, do you think the banks would bother developing the ability to deposit cheques via mobile?

Cheques for Small Businesses

Everything may tell us to look towards the future. But sometimes (and unfortunately so), except common sense if you run a small business.

And the best startup owners can advise you about using cheques until the day they're officially retired. The good news is that you don't have a shortage of places to purchase cheques. If banks allow cheque verification via mobile, they allow online cheque-buying.

Well, let's look at a few reasons why you should consider still using cheques in this day and age.

#1 Businesses still prefer cheques

We can try to deny it all we want, but it's fair to say that everyone lives inside their own little bubble. And that's completely normal. However, it doesn't mean you should ignore what's happening outside of that bubble.

A good example is that there are still old-fashioned businesses who still prefer the use of cheques.

Businesses are supposed to cater to the needs of the clients they're dealing with. If you don't deal in cheques, what would you do if someone insists on using cheques and you've got none lying around? Highly likely, you won't be able to do business with them.

#2 You don't have to pay for fees

If you're patient enough, prepared, and willing to wait for your cheques to be processed, you don't need to worry too much about paying any fees. Accepting credit cards usually entail processing fees involved -- a percentage of the money that should rightfully be yours. Are you willing to give it away for the sake of convenience?

You could be in a position to do so, but lots of companies won't. Look at your profit margins, and tell us if a few extra percent on top won't look good.

#3 Protect your reputation

There are young people who make use of cheques, and even buy cheques online. However, it's fair to say that the majority of the cheque user base is older. Not everyone above the age of 40 is as adept with using computers as the rest of us are.

And while it's important to adapt to new technology, you can't risk losing customers from this particular customer base either. Plus, failing to cater to them and their preferences could end in you losing your reputation.

And everyone knows that companies are being attacked for far less.

#4 New technology aids cheques

People may hate cheques because they're old. But that doesn't mean cheques can fail at keeping up with modern technology. In fact, thanks to the advances in technology, it's possible to process cheques instantly in the coming years.

Plus, smartphones are really advanced. You can now take photos of cheques and it can be processed automatically. Imagine the possibilities opening up when you're running your business.

#5 You can leave money and just walk away

When someone has your business name, they can just send you money, and this should be fairly obvious if you're working together.

This means they don't have to be in the same room when they pay you, and this way, you'll get to save lots of time. And sometimes, you're going to need more than your business name. You'll need your bank details too.

Keep Those Cheques in Store

Don't throw those cheques away for a few more years yet. Someday, perhaps they'll be rendered useless, but today is far too soon. We hope you see the many benefits in using cheques for your small business in the future.