The costs that your business has to pay when it comes to printing checks can vary quite a bit depending on several factors. The average cost for your business to print a paper check is roughly $6 per check. The first area of the cost when it comes to printing paper checks is the cost of labor.
What Goes Into the Cost of Issuing a Bulk Check Order?
There is quite a bit of work that goes into creating a check, beginning with production, which is costly. You also have to file the checks and do the necessary mail preparation for them. Oversight and check reconciliation are two more parts of the labor process that goes into your business producing paper checks.
The next part of the cost of issuing checks is postage. Each check gets mailed out, and sometimes, checks are mailed as part of a larger package, which requires additional postage. You might also need to deliver checks to your customers very quickly because of specific time constraints. In this case, you might have to pay for delivering the checks overnight, and this adds additional costs to how much you have to spend on issuing checks for your business.
Another expense that is associated with your business issuing checks is the cost of paying for the materials used for each individual check. You have to pay for the envelopes that each check is placed in, the check stock that each check is printed on, and the specialized MICR printer toner that is required when you are issuing checks for your business.
Several kinds of fees also go along with your business doing bulk printing for checks. One common kind of fee that you have to pay when issuing checks is bank fees. You might also have to pay stop payment fees when your business is issuing checks if checks get lost in the mail. Positive pay is another fee that you might accrue. Various sorts of monthly expenses also contribute to the overall cost of your business issuing checks on a regular basis.
Your business needs equipment in order to print checks. One piece of equipment that is necessary for printing checks in bulk is a printer. You have to pay for the various expenses of operating a printer, and a printer that is of a high enough quality that it can handle check printing is very expensive. You could rent one, but this is yet another monthly expense for your business.
If you choose to buy a printer, you have to consider the fact that your equipment will depreciate in value over time. Additionally, your equipment will require regular maintenance in order to keep functioning properly, and because high-end printers require professional maintenance, this could get expensive. These costs can add up quickly. One solution to this problem is to hire a company that specializes in check printing services.
Hiring a Professional Bulk Check Printing Company
Many modern check issuing services, such as Checkissuing.com, provide you with solutions to meet all your bulk printing needs. These services are already set up to help you print checks in bulk. Check issuing services have invested quite a bit of money into the required infrastructure for printing checks in bulk so that you won’t have to take these costs on yourself.
These check issuing services also buy materials in bulk. These include things you need for issuing checks such as MICR printer toner and check stock, which can help drastically decrease the costs of their services.
Something else that can benefit your business if you hire a professional check issuing service is utilizing an API or application programming interface. An API helps your business by combining your paper checking requirements with a digital platform that you can customize to your liking. With that customized platform, you can administer and check up on all of your business’s payments easily. It is important to choose a check issuing service with flexible solutions that you can alter to meet your business’ needs.
Paperless Checking Solutions
Paperless checking solutions are an increasingly important consideration for any business that issues checks regularly. This is shown by a study that CNBC reported stating that digital payments are projected to get to 726 billion by the end of the 2020 calendar year. However, since paper checks are still likely to prove important to your business, it makes the most sense to go with a check issuing service that helps you with digital checks and paper checks.
Digital payments help you decrease quite a few of the costs that are associated with bulk check printing. Digital payments do bring with them some risks, the most notable of which is the risk of digital fraud. If you issue more checks, then the likelihood of fraud increases proportionally. This is why you should make sure that the check issuing service you choose uses a number of effective security measures to keep your business safe.
Effective Security Measures to Protect Your Business
As time passes, the check issuing industry continues to develop new and more effective security measures designed to protect your business and prevent check fraud. A few of these security measures include advanced customer support, digital check tracking, and specialized envelopes for increased security. You can also use positive pay and thermochromic ink in order to protect your business. It is best to use as many security measures as possible so that your business is as well-protected as possible. This will aid you in focusing on what’s most important: serving your customers well.
Other Ways to Reduce Bulk Printing Costs
One creative way to reduce the costs of check printing is to decrease the number of checks you need to issue. You can do that by issuing the checks monthly rather than weekly. You can also offer benefits for customers who choose paperless checking solutions like removing certain fees or adding other perks.
You might also want to take a look at your books and see if you can offset some incoming and outgoing checks. Your financial department should give you some insight into whether or not this is possible based on your use of bulk check services. If you are outsourcing your check issuing to professional check issuing services like Checkissuing.com, you can talk to your checking partners about any potential discounts they might offer. It is best to do absolutely everything you can in order to regulate the costs associated with checking so that your business remains optimally profitable.
Now, we would love to hear from you. Which tip about printing checks in bulk did you find most useful? Comment below and start a discussion about what you learned from this article. Visit our website today and see how our check issuing services can benefit your business.