3 Advantages of Using Technology to Run a Company’s Checks

Small business owners might still rely on the same checking workflows they’ve used since they first came around. Those who haven’t changed their ways in decades probably balk at switching things up. That being said, you might want to integrate additional digital workflows into your day for several reasons. You could end up improving security and saving money in the process. Even the most skeptical supervisors are likely excited to hear that they could slash their expenses simply by switching over to a more automated system as these reasons show.

1. Reduced Fraud

You might be surprised to learn that check fraud is still as much of a problem as it ever was in spite of the fact that a greater percentage of checks are cleared electronically than ever before. One three-year fraud scheme netted some $15 million for the people who pulled it off. Using a specialized word processing application coupled with a secure typeface can help financial institutions spot fakes before they get deposited. Electronic check-clearing systems normally take an image of the check before depositing it. This gives staffers a chance to catch things before they go sour. Sophisticated rendering technology can also incorporate magnetic ink character recognition features, which offer an additional level of security by making it harder to forge a check and make it look realistic.

2. Get Clearer Hard Copies

Depending on your business type, you may not have to issue printed checks anymore. If your company does, however, you’ll undoubtedly want to use laser-printed checks with a crisp look. Unlike conventional inkjet or impact printers, laser models don’t come into contact with the paper. That gives any check run through them a very readable appearance that would be hard to accomplish with nearly any other technology.

Keep in mind that a majority of banks use text recognition software to process typewritten checks. That means you’ll want to have the clearest printouts possible. Nice, presentable checks won’t cause any problems for the equipment, thus helping get your employees their payouts faster. This is also vital for those who have to use printed checks to get money out to other businesses that sell them raw materials or equipment every quarter.

3. Manage International Payments

One of the biggest places where business owners lose out on cash is in the field of international wire transfers. You can avoid the high fees usually associated with sending funds overseas using advanced money transfer technology. You can also dramatically reduce the risk that someone could intercept your transfer on the way to its destination. Some criminal operations extensively monitor the publicly switched network, looking for unprotected transfers. Even a basic encryption package can do wonders for companies that otherwise were sending out payment details in a way that wasn’t properly protected.

When running a company’s checks, it’s important to use technology for its safety features and ease of use.