Paper checks might seem as outdated as film cameras and cassette tapes, but we won’t hear their death knells anytime soon. There are some key reasons why paper checks still have a place in the modern world.
They Don’t Incur Processing Charges
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If you’ve ever grumbled about the processing charges some credit cards attract, perhaps you should take another look at paper checks. You’ll never get slugged with additional fees when you use a check, because they don’t cost businesses anything to process. That makes paper checks a financially savvy payment choice.
They Have a Host of Contemporary Fraud-Proof Measures
In the past, paper checks could easily be altered, leading many people to worry about security breaches. However, you can now find contemporary paper checks with a host of fraud-proof measures. You’ll breathe easier using modern paper checks with tamper-resistant security coatings that create visible stains if anyone attempts to alter them. Counterfeiting paper checks with security holograms is virtually impossible.
As more businesses face security breaches that expose customer credit card details, paying with a modern paper check starts to sound like a much safer choice.
They’re Accepted by Many Businesses
Visa might claim to be “everywhere you want to be,” but in truth it and other major credit cards aren’t accepted by more than half of America’s 27 million small businesses. Many more small businesses will only process credit card transactions that reach a minimum spend. There are also many larger organizations that don’t accept credit card payments, including schools, medical offices, and building contractors.
If you want to pay any of these organizations, you have two choices: cash or paper check. In modern society, most of us simply don’t feel safe carrying around wads of cash, leaving a paper check as the most natural payment solution.
Unlike cash, you can track your check’s process once you hand it over. This is ideal for making payments by mail, as you might when sending a gift or purchasing a mail-order product.
Note the date you mailed the payment, and your preferred mail service and tracking method. When your check clears, your bank can provide a copy of the canceled check. You can produce this copy and your mailing receipt if the recipient denies receiving your payment.
While you can also track a money order, this process is much more expensive and time-consuming.
Businesses Can Process Checks During Utility Outages
Many of us have been caught shopping during power or phone outages. During these utility disturbances, customers can pay for their purchases using only cash or checks. ATMs are also likely to go down during these times, preventing customers from withdrawing the cash in their bank accounts. Under these circumstances, you’ll be thankful you packed your checkbook. The paper check you write may be the only way you can get essentials like groceries or gas.
They might not be used as much in the modern world as they were in the past, but with so many benefits, we won’t say goodbye to paper checks just yet.