Checks may have mostly fallen out of favor among the general population, but they remain widely used in the business world. One study found that, despite virtually everything else becoming digitalized, some 78% of businesses still use checks.
And while that might sound surprising, it probably shouldn’t be. After all, checks offer advantages that digital payments can’t, such as avoiding the high fees imposed by credit/debit card payments and the ability to have greater control over cash flow.
Paying by check also remains straightforward, especially when there are so many effective cash software options to choose from. With little more than a good printer, checks, and that software, businesses are in a strong position to streamline one of the more time-consuming accounts payable processes.
Most businesses find that either pre-printed or blank check stock meets their needs well, but how should you decide which one is right for your business? We’ve put together a few key considerations that should nudge you in the right direction.
Understand the Difference
To understand the difference between these two check types, just look at the name. Pre-printed checks come with all of the business’s details already filled in. Blank check stock is blank, with businesses using check-writing software to input their details.
Pre-printed checks have the appearance of convenience, but they come with security risks, since the business’s details are already filled in, which increases fraud risk. Blank check stock is considered to be a lot more secure, since they don’t contain any financial information until it’s filled in. There are some scenarios where pre-printed makes more sense, but the vast majority of businesses choose the blank option.
Understand the Costs
Blank check stock is much cheaper than pre-printed checks because there are fewer steps involved. When you order pre-printed checks, you’re paying the manufacturer to input your financial information on your behalf, which greatly increases the cost. With blank check stock, you’re just buying the checks themselves, which is much cheaper.
Understand Your Needs
We mentioned above that there are some scenarios in which pre-printed checks can make more sense. One of them is if the business sends just a few checks per month. Since the order value is low, costs become manageable. Plus, ordering a low number of pre-printed checks increases the chance that you’ll actually use all of them; some businesses buy large amounts of pre-printed checks, only to switch to a different payment method and end up with checks they no longer need. If you consistently send a lot of checks, then blank check stock is nearly always the way to go.
What You’ll Need For Each
You’ll likely need a printer plus software for both types of checks. You can use any printer type for pre-printed checks, but you’ll need an MICR printer for blank check stock. You have the option of handwriting pre-printed checks, but a printer can make it look more professional. Blank check stock requires check printing software, but there are many affordable options available.
