The manifold benefits of using checks to transact might be the reason why the mode of payment has not become obsolete in a highly digitized world. To make check payments a smooth process, businesses set up in-house check printing systems. If done right, a check printing setup can be a $500-$600 investment. However, some common setup mistakes can make the process unnecessarily expensive.
Office Check Printing
Relying on Banks for Check Supply
When you return to your bank for a set of checks, you might be refused the service or even worse, be charged an exorbitant price. Banks hire the services of check printing vendors, and quote exorbitant prices for the checks. To create your office check printing setup, you can directly order checks from these vendors. So, buying checks from a bank can be the first costly mistake you can make.
Believe in Claims of the Cheapest Price
When you are looking to buy checks from vendors you need to compare the prices offered by the various vendors. Websites like Amazon claim to offer the lowest prices. However, it would be best if you did not trust these promises with your eyes closed. Always conduct some research to compare the prices offered by different vendors. Your second costly mistake can be blindly trusting vendor claims of offering the lowest prices.
Not Buying Blank Checks
Printed checks can cost you around $80 for a 300-check set. However, blank checks can cost you somewhere around $25 for 500 sheets. Blank checks are the cheaper option. If you do choose to buy blank checks, then you need to buy magnetic ink for your office check printing setup. Blank checks do not come with the MICR code that needs to be printed on with the magnetic ink. The combined cost of purchasing blank checks and magnetic ink will still be less than the cost of printed checks. Your third costly mistake will be not setting up a blank check printing system.
Human error and cost of accounting can be reduced with the help of RPA software. QuickBooks is a popular RPA software that businesses use for a variety of functions. It would help if you bought QuickBooks compatible checks for printing using the software. However, there is third party software that can help QuickBooks print blank checks. If you do not invest in QuickBooks, you will need to invest in an accounting team to take care of the payment system. So, not investing in a QuickBooks account could be your fourth costly mistake.
Printing Checks Using a Common Office Printer
For your office check printing setup, you should have a separate printer. If you have a common printer, you can still print checks, but it increases the chances of error. You have to keep constantly inserting check papers before printing. By forgetting to do so, you might waste resources printing on a regular blank paper. Leaving check paper inserted can lead to someone printing something else onto the check paper. Your fifth costly mistake which will lead to time and resource waste will be not investing in a separate printer.
An office check printing setup is a good investment if done right. Avoid these common mistakes to make your investment a smart one.
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