Consider the following scenarios: perhaps you’re opening up a new business or you’re updating your current point-of-sale systems. Traditionally you’ve taken credit cards and debit cards, and as always, cash is king, but what about other forms of payment?
Specifically, what about checks?
If you look at the numbers, there’s a lot of life left in checks. For example, in a recent study, the Federal Reserve reports over 18 billion checks being paid with a total value of $26 trillion dollars—and that’s just paper or electronic checks alone.
So you see, there’s still a lot of money being exchanged via checks—but if you’re still not sure that checks are right for your business, we’ve compiled the following reasons you should reconsider:
- Checks are very popular among consumers. How popular, you ask? According to the Federal Reserve Bank of Boston, millions of U.S. customers have checking accounts, but do not have a credit or debit card. In addition, a different study concluded that 90% of U.S. customers have a checking account. Considering their near ubiquity, perhaps you should consider adding this tried and true payment method.
- Checks give consumers more options. That is, according to small businesses. According to a recent study by TeleCheck, 71% of small businesses agree that checks allow them to offer their customers more payment options.
- Checks make consumers feel safer. According to 2015 TeleCheck research, many customers choose checks because they believe checks are less susceptible to fraud than payment cards. If you want to provide safe payment options, checks might be the way to go.
- Checks pay more than other forms of payment. Did you know that the average credit card swipe is $50, and that the average check amount is 3x that? Bigger tickets for you mean bigger payoffs for your business, which is something every business owner strives for.
- Checks don’t require someone to be internet/smartphone savvy.According to the Pew Research center, 15% of U.S. adults don’t use the internet. With such a resistance to technology, it’s important to businesses to cater to these consumers by offering payment options that they’re comfortable with—and that means checks.
Whether you’d like to admit it or not, checks are still alive and kicking, with millions of dollars being paid by checks every day by millions of consumers. If you’d like to capture your business’ share of those dollars, it’s important you offer a wide array of payment options that every consumer is comfortable, and today, those options still include checks.