Though consumer checks are mostly a relic of the past, businesses can find considerable value in this form of payment, regardless of their industry. When you’re paying vendors, employees, or contractors, checks are often the simplest way of moving money between a company and a personal account. Check printing services offer business owners the security, speed, and analytics they need to make sending and receiving checks a breeze. The right software provider for your business will also offer individualized error reporting, address cleansing, and personalized customer support, ensuring that your transactions follow an efficient and reliable process.
If you’re searching for a check printing and payment processing service for your business, you might be overwhelmed by the number of choices and price points available. To make shopping for these products and services more manageable, we’ve identified a few of the key features you should look out for that can offer your business valuable payment support.
Send Same Day Payments
Business check printing software allows companies to pay vendors, staff, and service providers with same-day mailing and printing. The payment processing company behind your check printing software takes care of all the details, allowing you to track your payments as they move through the mail and are later deposited by the payee. For same-day check mailing, you’ll need to notify the payment processor by 8 or 9 am, depending on their policies. Printing requests filed in the late morning or afternoon are available for expedited or overnight mailing. Many check printing software providers include these mailing services in their monthly fees.
If you’re planning to send checks from a business account, you’ll need a physical check design that showcases the professionalism of your business. Many check printing software products allow users to upload logos or company graphics for use in the check’s background or watermark. While this might seem like a basic check printing software feature, it’s essential for businesses.
Address Cleansing and Correction
If there’s an issue with the address associated with a check printing request, your software provider will manage all essential address cleansing and correction concerns. Your payment processing services provider will take each check printing and mailing request and run the submitted address through the USPS database to ensure there are no discrepancies that may result in a security concern. In some cases, depending on the tier of service your business pays for, you may also be eligible to receive in-depth reports following these changes.
Easy Repeat Payments
Chances are, 90% or more of your business’s outbound payments are for repeat payees that your company interacts with on a frequent basis. Setting up repeating payments is a breeze with business-grade check-printing and payment processing software. Many software products allow business professionals to set up verified profiles for their vendors, employees, and other frequent payees so that there’s no delay in payment. This process minimizes the chances of a delay and helps to ensure the security of these checks.
User and Permission Management
Many business check printing products offer isolated user instances and logins so that the details of certain payees or ability to pay individuals are assignable to specific individuals within your organization rather than the organization at large. Permissions are scalable for both departments and individuals so that everyone in your company has access to the portions of the service they need without getting to change key details, passwords, or payment details. A company’s administrator can also restrict the visibility of spending reports so that there are no security concerns surrounding financial data.
Your check printing and payment processing provider can notify you if there’s ever anything wrong with a certain payment, from payee details to mailing. If your bank account requires further verification for a payment, you’ll hear from your check printing provider first. If there’s a security concern when you mail an item, you’ll have the advantage of knowing before a withdrawal takes place. If there’s a duplicate payment, or if there’s a delay in shipping, you’ll always be the first to know. When you log in to your account portal, you’ll likely see a notification center or hub where you can quickly resolve issues with individual payments.
Reporting and Analytics
Check printing software for businesses can be so much more than a tool for printing physical payments. Higher-quality products become a hub for your business’s payment processing, where you can explore data and analytics about your company’s current spending habits, cash flow, or accounts receivable. Many software and payment processing service providers offer businesses personalized reports sent via email to authorized users. This data and financial information can be of considerable value for making critical business decisions that affect the future of the company.
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