Check printing is an important part of any business, even in today’s digital world.
If you want to ensure that you’re protecting the security of your finances, it’s extremely important that you pay attention to the manner in which you’re printing your checks.
There are essentially two main ways in which businesses print checks: in-house or through the use of an outsourced check-printing service.
In this article, we will discuss the different types of check printing, as well as the potential drawbacks and benefits of both types.
Why is Check Printing Still Necessary in a Digital World?
Even though the world is shifting toward all things digital, there are certain things that remain best done on paper, and issuing checks is one of them.
There are many reasons why businesses choose to use paper checks. Some of the reasons why businesses find paper checks so useful are:
- Paper checks can be helpful for tax season, as they provide a clear record of your payments.
- Additionally, physical checks provide peace of mind that you’ll still have a record of your payments even if your electronic system begins malfunctioning.
- Furthermore, when dealing with clients, many businesses feel as though issuing paper checks increases their legitimacy and makes them appear more professional.
- Paper checks come complete with security features, helping businesses to avoid financial troubles such as fraud.
What Costs and Responsibilities Come Along with In-House Check Printing?
There are a lot of different options out there when it comes to check printing.
Many companies struggle with the idea of whether or not to hire an outsourced check printing company to take care of all of their needs.
This is an option that works very well for businesses, regardless of their size.
However, some companies still choose to print their checks in house.
While this is certainly a viable option, it’s important to recognize that there are a lot of responsibilities and extra costs that come along with printing your checks in-house. For example:
1. The Delivery of Checks:
The cost of postage and the need for occasional expedited shipping can really add up.
While it may seem small, postage costs can actually go through the roof, especially when time is a factor.
In addition, the responsibility associated with getting your checks to the right people can be a huge task that requires additional employees.
2. The Cost of Staff:
Speaking of additional employees, it’s important to remember that in order to print checks in-house, specialized staff members who are well trained in finance are necessary.
It’s important that you have people who are trained in check production, filing, and reconciliation.
In addition, management and quality control are extremely important when it comes to the finances of your business, so it’s key not to skimp there either.
3. The Materials and Fees Associated With Printing Your Checks:
In order to print and distribute your checks to employees and vendors, a lot of small costs are involved.
Putting postage costs aside, there is still the cost of envelopes or other packing materials, printer toner, the stock which is appropriate for check printing, a printer that can handle large check printing jobs, and digital equipment (such as a subscription to a service such as QuickBooks).
Furthermore, there are always fees involved with check printing which can make things more complex and expensive.
For example, you may need to deal with certain bank fees that are associated with each check you issue, or, if there’s a problem within your internal finance department, you may find yourself facing things such as late fees in association with your checks.
Should I Use a Check Printing Service?
Because in-house check printing is such a large and potentially expensive undertaking, a lot of businesses opt for using an outsourced check-printing service.
There are indeed many benefits to utilizing a check printing service. Some of the most significant benefits are:
1. Increased Quality of Your Checks and Printing in General:
Your checks will be uniform, printed on, and with consistent materials.
Furthermore, if you need to scale your check printing operation up or down, you can do so with ease with a check printing service.
There’s no need to worry that you’ll need more materials or equipment if your business sees a sudden boom.
In the same way, if your company has a poor quarter, you won’t have to worry about eating the costs of all your expensive check printing equipment.
2. Increased Security:
There are many security features that a check printing company can add to your checks in order to keep them safe and secure.
Some of the most important are watermarks, security threads, enhanced toners, chemical sensitivities, and special fibers.
All of these features serve to ensure that no one can forge one of your checks, and any banking institution will be able to see that your checks are indeed credible.
3. Access to Experts in Check Printing and Other Areas:
If you don’t have your own in-house finance team which specializes in check printing, you may find yourself in the dark when it comes to paying employees and clients.
A check printing service can ensure that you have experts at your fingertips when you need them.
Other than check printing, these experts are often able to advise and help you with printing statements, setting up your own check printing software (if necessary), address cleansing, and setting up your direct deposits.
Thus, it can be seen that there is a lot to consider when deciding whether or not to print your own checks.
While some businesses may think it’s easier to do it on their own, once you start looking into the logistics surrounding printing your own checks, you’ll begin to see that there are a lot of costs and headaches associated with the process that you may not have known about before.
In order to simplify the process, consider hiring an outsourced check printing company.
Regardless of the size of your business, a check printing company can be a huge help, saving you time, money, and effort, while also ensuring the safety of your finances.
Reach out to a reputable check printing company today in order to see how they can simplify your business.