Types of Business Checks
Business checks are still important tools in any company’s armory as they use checks to buy goods and supplies. Organizations of all sizes use business checks which are generally linked to a business bank account. Although business accounts have more fees than personal accounts, businesses tend to receive many more benefits such as bonuses for keeping to a minimum checking account balance. There are numerous types of business checks and we will analyze a few below.
Wallet Checks
These share certain similarities with personal checks and companies can place a customized logo on wallet checks containing the name and logo of the business. This is a good way to establish some sort of brand identity. As wallet checks remain as the most commonly issued checks by banks, they are the least expensive which makes them a popular choice for small businesses. If you decide to customize your checks, your bank will give you starter checks until the official business checks emblazoned with your logo and name are received. It’s also a good idea to get duplicate business checks as a means of recording payments made via a written check. This in turn is a great aid when it comes to tax season.
Manual Made Business Checks
At one time, these were the standard for all American businesses. Thanks to technological advances that see virtually all companies work with some form of software, these checks have almost become extinct barring a rare emergency situation. For example, manual made business checks may still be used in the event of a payroll mistake or payments to merchants that are owed money.
Three To A Page
This is another popular manual business check. The left hand side of this page of checks contains a business stub which is used to record purchasing information. If you use these checks, you need to provide your accounting team with the stubs as they can record the data. Check stubs are also convenient proof of purchase and payment. Expect to pay more for this type of business check than wallet checks but bear in mind that they are more functional and help you keep an accurate set of accounts.
Computer Checks
If you have account software, you can use fast and convenient computer checks. This is the ideal form of check for an organization that must make a large number of payments per month. Enter payment information into your computer system and print out the check on the company printer. This results in a huge volume of checks printed in rapid time. Like wallet checks, you can customize these checks by creating a logo and adding the company name.
The importance of business checks is plainly visible when you consider the number of online companies selling business checks. Business check companies tend to sell their produce in boxes of 100-200 checks. Because of the aforementioned technological advances, the cost of producing these checks is not prohibitive which means the companies selling the business checks can afford to sell them at relatively low prices.
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