With all the phishing and hacking attacks on businesses today, sometimes it’s best to keep as much of your banking data off the Internet and your servers, and to use the old fashioned way of banking instead. When you choose to use paper cheques to pay your bills and for business transactions, there are not worries that someone will steel your digital information online. Here are a few of reasons why paper cheques instead of debit or credit cards are sometimes best.
Have a Paper Trail
When you write business cheques for transactions you have a paper trail to prove what payments you made. Not only will the cashed cheque be shown in your banking statements, with the amount and what you wrote the memo to read as a reminder, but the person or company that cashed the cheque will also have it in their statements.
It’s nice to have this trail, instead of automatic electronic transactions that don’t always show the exact time and date that the transaction took place because of electronic delays. Also, it will be easy to verify handwriting on cheques. More information about business cheques can be found at D+H, providing you with additional resources and references.
Avoid Providing Too Much Information
When people have your debit or credit card information, they can accidentally process multiple payments at once, or just do a double payment. This takes money out of your account, you may not notice it right away, and then you’re forced to try to get the money back. People can’t double cash a cheque, so you don’t have to worry about some company having your automatic information on file when you still use paper cheques.
Avoid Over Spending
When you frequently use a company debit or credit card it’s easy to overspend. When you have to write out a cheque for everything that needs purchased, and you have to get it from the office or a secretary, you will second guess how much you’re spending and what you’re spending the money on.
If you are looking for a reliable way to pay bills and to manage your business money and you feel like using a debit card or credit card has gotten too risky, it’s time to start using business cheques for all your transactions. You won’t have to worry about the checks getting stolen because you can easily call the bank and have all the cheques cancelled, and no one will ever be able to use the cheques in the future.