Small Business

Why Your Small Business Should Still Be Using Cheques

We’re living in the age of blockchain technology. Bitcoin has made a huge amount of people millionaires within a few years. Everything tells us we should be looking towards the future, except common sense if you run a small business.

If you do have your own company you should still use cheques until they’ve been officially retired. I know a lot of business owners won’t agree, but I hope you’re not one of them. We’ll look at a few reasons why it will only end up costing you money.

You’ll Be Protecting Your Reputation

Young people obviously use cheques, but it’s fair to say the majority of the user base are older. Maybe they don’t know how to enter their card details into a computer. They might be too scared to try in the first place.

You’ll lose their business, but something else will happen. Your company might be attacked because you don’t look after your customers, which will damage your reputation. Companies are attacked for a lot less at the moment.

Lots of Businesses Still Prefer Them

Everyone lives inside their own little bubble, which is completely normal. It doesn’t mean you should ignore what is happening outside it. For example, lots of old-fashioned businesses still prefer to use cheques.

You’re supposed to cater to the needs of those you are dealing with. What will you do if someone insists on using a cheque and there are none lying around? It’s likely you won’t be able to do business with them.

You Don’t Need to Worry About Any Fees

If you’re prepared to wait for your cheques to be processed you won’t pay any fees. If you accept credit cards there will be processing fees involved, which is a percentage of the money that should be yours.

Are you willing to give it away for the sake of convenience? You might be in a position to do so, but lots of companies won’t. When you look at your profit margins a few extra percents on top will look good.

Businesses Are More Likely to Pay You

If you perform a job for a company you’ll be expecting to get paid by a certain date. What if the company runs into cash flow problems a few days before sending you the money? You won’t be able to get paid on time.

Everything will change if you accept cheques because it takes time to cash them. A business that can’t pay will send out a cheque instead. It’s a good way to help your company stay on top of your finances too.

New Technology Actually Helps Cheques

People hate cheques because they’re old, but that doesn’t mean they can’t keep up with modern technology. In fact, it’s going to be possible to process cheques instantly in the coming years.

Everyone knows about smartphones and how advanced they’re becoming. You can take a photo of a cheque and it will be processed automatically. Imagine the possibilities that will open up when you’re running a business.

You Can Leave the Money and Walk Away

Once someone has your business name they can send you money, which should be obvious if you’re working together. It means they don’t need to be in the same room when they pay you and it will save lots of time.

I know you don’t need to be in the same room when paying using other methods, but you’ll need more than a business name. For example, if you want to use your card to transfer money you’ll need their bank details.

Keep Your Cheques for a Few More Years

Don’t throw your cheques away for a few more years at the very least. There might come a day when they’re useless, but today is too soon. I hope you see the benefits they’ll bring to your business in the future.

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