Paper Checks – They’re Not Obsolete Yet

When is the last time you saw someone pull out a checkbook? If you are as unlucky as we are, it probably happened at the grocery store – with the person in front of you in the checkout line.

In an era in which fraud and identity theft are constant threats, how do paper checks measure up against other forms of payment?

The Good

Checks are safer than they used to be thanks to security measures utilized by banks, such as watermarks and gradient backgrounds. And for bigger purchases, they provide a paper trail, which can be helpful if there’s an issue.

The Bad

While security measures have greatly reduced check fraud, there’s no escaping the reality that a paper check may pass through several different parties before reaching its final destination. And all of those parties can see the check writer’s address, bank account number and routing number.

Why You Still Need to Accept Them

Whatever the convenience or potential risk, there is no question that this payment method, which might seem antiquated in the era of debit cards and payment apps like Venmo, is still used by millions of people every day, particularly seniors and lower-income families. Overall the numbers of checks used declines a little every year, but more than 14.5 billion checks, totaling more than $25 trillion, were written as recently as 2018.

These are customers you want – not just during the pandemic when many businesses are struggling, but long after COVID is a thing of the past.

It’s Easier to Welcome Checks With ACH by Cliq

It is counterproductive for business owners to reject any form of payment for their product or service. So while electronic payments are faster and preferable, you’ll want to continue to accept paper checks as well.

The best way to do this is with an ACH solution. Our ACH by Cliq® accepts remote electronic check payments, while also lowering paper check processing costs.

With ACH by Cliq you can automatically deposit checks to your account and eliminate trips to the bank. That’s a big time savings, and it is more secure as well. Plus, with Cliq you’ll always receive detailed ACH reports and 24/7 customer service.