As the full moon rises and Halloween approaches, a familiar yet frightening form emerges from the mist of payment methods: the traditional paper check. The demise of this ubiquitous (at least in the U.S.) payment type has been prognosticated for decades, yet ongoing examinations reveal the following: Checks are not only surviving, but a rise in electronic payment fraud, modernized check security features, remote check printing accessibility, and control of payment scheduling are breathing new life into this too often maligned payment option. The 2024 Association for Financial Professionals (AFP) Payments Fraud and Control Report states that 80% of organizations in their annual survey reported having been targets of payments fraud activity in 2023, an increase from 65% in 2022.
Check Issuance
Reinvented and Modernized to be Less Screamy and More Dreamy
Checks have been improved and modernized. In an age dominated by digital transactions and a drive toward Real-Time Payments (RTP), the sight of a check may seem like a relic from a bygone era. However, check issuance has remained a stalwart go-to for business payments. Again, referencing the 2024 AFP Payments Report, 70% of organizations using checks said that they have no immediate plans to discontinue their use.
With the advent of electronic check processing, security improvements and remote deposit capture, checks have shed their cumbersome reputation and reemerged as a convenient, secure payment option for businesses of all sizes. Banks are embracing remote check printing as a way to extend services to customers in areas where they may not have branch locations. The on-demand nature of remote check printing means that business deals such as real estate closings and automotive transactions can conclude rapidly and securely.
Payment Workflows
Don’t They Just Make You Want to Scream?
The process of approving, writing, signing, and mailing a check has changed, too thanks in-part to mobile apps that can make that process faster and more efficient. Issuing a check can instill a sense of control, intentionality, predictability, and accountability in business transactions. Check payments are flexible and can be assigned multiple workflows, adding extra layers of security and reducing the risk of fraud when compared to digital transactions. Moreover, Positive Pay serves as effective fraud prevention while establishing a two-way crime-fighting relationship with banks.
Compliance
Because They Are Always Watching
In the shadowy realm of regulatory compliance, checks shine as a beacon of transparency, auditability, and accountability. The paper trail left by checks provides a clear record of financial transactions, making audits and compliance checks less of a nightmare for businesses. In an age where data privacy and security are paramount, checks offer time-tested reassurances and controls that digital transactions often lack.
Yes, as the shrieks of digital payment advocates echo through the night, it is important to recognize that checks still have a strong heartbeat, continuing their contributions within the business payment ecosystem. Unlike ghosts, checks are still alive and well. They may fade in and out of the shadows, but their enduring presence serves as a reminder that sometimes the old ways are still the most trusted and reliable.
Step into the world of modern check printing with Checkrun’s cloud-based solution for QuickBooks Online users. It’s time for your business to embrace technological advancements without sacrificing the traditional check payments. With Checkrun, you have the power to choose modernized checks or faster ACH. Manage your payments more efficiently, improve your cash flow and automate those manual processes that take so much time and so many resources. Give your business the control it deserves. And when checks finally do die, Checkrun will have you covered with secure electronic payments. But for now, as author Mark Twain might quip, “Reports of the death of checks are greatly exaggerated.”
