There’s no denying that the payment world has gone digital. From ordering on websites to paying friends when going out for dinner, we don’t think twice about making digital payments these days. For many, however, our business lives have not yet caught up with our personal lives. While online payments for business are on the rise, by most accounts, many companies still pay by paper check even though it takes longer and costs more.
There are multiple reasons why businesses still pay by paper checks. Some companies may have a sense of security with the physical presence of a paper check or have the perception that paper checks are guaranteed money. Others may not understand how digital business payments work, or worry the payment will not be posted correctly in the absence of the check stub, or actively embrace the idea of “if it isn’t broken, don’t fix it.”
If you don’t fully understand electronic payments (or epayments) and how it has evolved to better handle business payments and remittance details, you’re not alone.
Four Benefits of Online Payments for Business
The benefits of digital business payments far outweigh the hassle, inefficiency, and ambiguity of paper check payments.
If you’re ready to quit using paper checks, learn how PayMaker by FNBO can help you simplify your business payments.
The articles in this blog are for informational purposes only and not intended to provide specific advice or recommendations. When making decisions about your financial situation, consult a financial professional for advice. Articles are not regularly updated, and information may become outdated.