Though they may be less popular these days, checks are still relevant in today’s business world. While you may not carry a personal checkbook anymore, the Federal Reserve reports over 14 million checks are still processed each day, which means billions of dollars circulate throughout the market between organizations across the country. Small businesses and Fortune 500 companies alike rely heavily on checks. Hence, why sending and receiving them needs to be as secure as possible.
What has changed, however, is how these services operate. In the digital age, nearly every facet of the world is being automated faster than we can keep up with, and many companies outsource check printing and mailing services to focus on more pressing daily operations. This allows for boosted security, streamlined services, and eliminates human errors.
Allocating these services to an expert firm—one that provides specialized services, such as address cleansing—-can provide peace of mind for your business and let you spend more energy on your company’s purpose. That’s why at SmartPayables, our financial experts get ahead of emerging trends in the industry and go the extra mile to ensure your check printing and mailing needs run without error or delay. With our unique list of services, online check writing, invoices, and mailing have never been easier.
In this blog, we’re going to take a deep dive into how the industry has changed over the last few decades, and how because of relatively new, innovative tools, your business can proceed without concern or delay by partnering with an outside firm.
Older Methods Are Phasing Out
The old methods of hand-writing, sealing envelopes, and shipping important financial documents across the country through the mail are falling by the wayside. There’s simply too much room for error, and digital means have become much easier to track. Checks get lost in the mail, it’s easy to tamper with them, and they can simply get lost in the shuffle using the old fashioned way.
When important business-to-business operations are on the line, organizations simply can’t afford for this to happen. That’s why implementing online, often cloud-based programs can help fill out cracks in security and accelerate the process so businesses don’t wait for documents. These innovative online check writing programs can often get checks in the mail on the same day, so businesses don’t have to worry about finding materials (like envelopes, stamps, etc.) and making a trip to the post office.
New Methods Are Taking Over
On the other hand, these new online programs are taking over businesses across the country. Many outsourced check printing and mailing companies can handle other important payment processes, like providing direct deposit options, statement and document printing and mailing, address cleansing, and more.
Address cleansing, for example, is a means of eliminating returned mail to wrong addresses, improving communication with recipients, reducing mailing costs, speeding delivery time, and saving time from disaster recovery. Below is a breakdown of how it works:
- When you submit a new check mailing request through the Smart Payables client portal or use our custom check printing API solutions, we’ll run every new location and name through our advanced address cleansing software. Signing up for this service doesn’t change the process of uploading your payment and document information. You can also submit address lists with a CSV file.
- If we find a verified address for your business transaction, we’ll correct the address without you having to lift a finger. If any of the addresses are not found in the USPS database, they will be placed in the repair queue tab for review. For each of the unverified addresses, you can choose to “send as is”, “correct and send”, or halt the mailing process altogether.
Because of these new innovations, businesses receive their checks and documents on time, spend less time fixing mistakes that were made, and improve their relationships with businesses and clients with on-time, reliable service.
Without address cleansing, addresses can easily be mistaken, zip codes can be wrong, and more. If the system notices an issue, it either fixes it by itself or allows for a double-check from the sender before a potential problem occurs.
Optimizing Through Outsourcing
Another change we’ve seen happen during the modern age is more businesses opt to outsource their check printing and mailing services to an expert firm, as opposed to handling those methods in-house. Though this costs some money in partnership up front, it can save a company millions in disaster recovery by catching and solving potential issues before they arise.
An expert firm has the time and resources to monitor your check writing, printing, mailing, and other services around the clock. They can make recommendations about potential changes that will streamline your payment processing methods. They can improve the timeliness of your business operations and keep a watchful eye on your checks for mistakes or red flags for potential check fraud.
Using an outsourced company also saves you money from having to invest in critical components of payment processing. In other words, key infrastructure, like industrial printers, specialized checks, security features, digital systems, check printing software, etc., is already in place, saving you money from costly investments.
Bonus Reasons To Outsource
Many companies that handle outsourced payment processing methods like check printing and mailing can also provide outsourced accounting services. While you may not think this is necessary for your business, boosting your security through a proven, outsourced expert is never a bad idea. Some reasons you might consider outsourcing include:
- You’re spending too much time and resources on check printing, mailing, and other bookkeeping processes.
- You’re not sure about the effectiveness of your accounting processes.
- You’re in need of high-quality services, but don’t need a full-time accounting department.
- You need stronger financial reporting services.
- You may have questions about your bookkeeping and accounting needs.
- You want the peace of mind knowing your accounting is being handled by a team of professionals.
- You want added value to your processes.
No matter your reasoning, investing in outsourced firms is a strong, smart investment, especially if you don’t have the expertise or resources to handle these matters in-house. For small-to-medium-sized businesses, outsourcing is the only feasible option.
Conclusion – How Have Check Printing & Mailing Services Changed Over The Years?
Much like many aspects of life, digitization has taken over in the check printing and mailing industry. It’s easier, safer, and more reliable than traditional methods.
Outsourcing to an expert streamlines your payment processing methods and helps prevent check fraud. Address cleansing eliminates human mistakes – like jotting down the wrong house number or zip code–which improves communication for all parties involved.
If your business would benefit from outsourcing your online check writing, printing and mailing, or other payment processing services, contact our experts at SmartPayables today. In no time, we’ll be able to improve your business operations and alleviate your financial concerns. For more information about our lengthy list of services, visit our website today, or email us at support@smartpayables.com for any other questions you may have.
Founded in 2005, Smart Payables offers a full range of accounts payable payment solutions including outsourced check printing and mailing, document and statement printing and mailing, ACH direct deposits + more. Our highly experienced software developers and intelligent printing teams specialize in secure, enterprise-grade payment options that are HIPAA, SOC 1 Type 2, and ISO compliant. Our mission is to help businesses and large organizations implement secure, innovative technology that will reduce overhead and improve business operations and capabilities.