As technology continues to advance and the world grapples with the ongoing pandemic, businesses are reconsidering their payment processing strategies. While writing checks was once the norm, credit card payments have emerged as a more versatile and secure option -
In fact, the United States Postal Service (USPS) recently issued an urgent warning about check theft, prompting businesses to switch to credit card payments. If that weren't reason enough to embrace the payment revolution, we unveil five major reasons why making the switch is a wise move for your business.
1. More Efficient Payment Processing
Switching to credit card payments means that you’ll no longer have to rely on traditional payment processing methods, which can be time-consuming and frustrating. With credit card payments, payments can be processed instantly, and money can be transferred directly to your account. This means fewer trips to the bank and less time spent managing payments. Plus, you’ll no longer have to worry about bounced checks or manual reconciliation of invoices.
2. Enhanced Security
When using paper checks, there is always a risk of fraud. Checks can be easily counterfeited, and some bad actors might even change the amounts or details on the checks to steal money. With credit card payments, you’ll have a much higher level of security. Credit card transactions are encrypted, making it extremely difficult for anyone to steal your data. Plus, most credit card providers have sophisticated fraud protection tools in place to protect your payments.
3. Faster Access to Funds
Using paper checks means that you’ll have to wait for the check to clear before you can access the funds. This can take time, and sometimes payments can take weeks to transfer. When using credit card payments, funds are available immediately. This can be especially useful for businesses that need to pay vendors or suppliers on a tight deadline.
4. More Convenience for Your Customers
Many customers these days prefer using credit cards for payments – either online or in person. By providing credit card payment options, you’re giving your customers a convenient way to pay that fits in with their lifestyle. This can help improve customer satisfaction and even encourage repeat business. Additionally, accepting credit cards online allows you to expand your business reach to the millions of potential customers purchasing online.
5. Lower Costs
Processing paper checks can come with a range of costs. This includes fees for printing checks, postage, and time spent reconciling invoices. By switching to credit card payments, you can eliminate most of these costs. Credit card processing fees are generally lower, especially for high-volume transactions. Plus, using a renowned payment processor can help you save money on card processing fees.
Making the switch from paper checks to credit card payments is a smart move for your business. By doing so, you can benefit from faster payments, enhanced security, and more convenience for your customers. Plus, you’ll save money on processing costs. With the current pandemic still impacting businesses, it’s more important than ever to look for ways to improve your payment processing and make it contactless.
So why not make the switch today? When you're ready to embrace online payments, our trusted team's ready to make it happen.
Discover end-to-end financial automation with WisePay, which seamlessly works together with Wise-Sync, to automate every step of the invoice lifecycle - get in touch with our trusted team today to find out more.
