Businesses have seen a cost savings of up to $52,920 by maximizing their payments strategy and moving away from check payments.
Similar businesses have seen a cost savings of up to $128,520 by maximizing their payments strategy and moving away from check payments.
Similar businesses have seen a cost savings of up to $52,920 by maximizing their payments strategy and moving away from check payments.
Similar businesses have seen a cost savings of up to $18,888 by maximizing their payments strategy and moving away from check payments.
Similar businesses have seen a cost savings of up to $7,560 by maximizing their payments strategy and moving away from check payments.
Our team of treasury and payments experts are ready to help.
Does it seem too good to be true? The Costs of a Check
While it might seem routine to simply cut a check, have you considered all the factors that go into this payment method?
Someone from your company must:
- Receive the invoice
- Review the invoice
- Route for approval to two other employees
- Remind approvers of the invoice
- Account for the status of payments
- Print the checks
- Route the checks for signing
- Record the checks in accounting software
- And, the list goes on
This also doesn’t factor in materials, fees and labor that may occur such as:
- Stamps
- Check stock
- Printer for printing of checks, invoices and envelopes
- Check imaging fees
- Multiple people interacting with the process of cutting a check
- And many others
At FirstBank & Trust, we want to help you cultivate a successful business by optimizing your payments strategy. Partners work together, and we’re ready to help move your company forward with informed clarity and confidence. Reach out to us and we’ll get started today!
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