Paper Cheques - Blog | Lean Payments

Get Paid Faster And Forget The Paper Cheques

By: Lean Payments
16 Jun 2021 @ 02:41 PM

The pandemic gave way to the popularity of digital payment methods, making paper cheques feel like old news. Canadian small-to-medium enterprises (SMEs) are waiting weeks to receive cash flow when they use paper cheques as a form of international payment. This delay causes manufacturing and shipping times to slow down, making the process worse for everyone involved.

While cheques have been a common way to make business transactions for decades, they are becoming outdated with the creation of more convenient banking alternatives. It’s time for your company to ditch paper cheques and find a digital payment method.

Receivers Waiting Weeks To Get Paid

The receivers of paper cheques experience an enormous inconvenience. Receiving international cheques by mail can take over a week.

On top of that, banks have specific processes to clear foreign cheques that can take another four to eight weeks.

For a small business, waiting weeks to receive cash flow can be detrimental to the functioning of the business.

The Inconveniences For The Sender

As a sender, a business has to obtain signatures for the cheque and deliver it to a mailbox.

With the pandemic, some businesses have started working remotely, making it even harder to get these simple tasks accomplished in a short amount of time.

Would it not be easier to skip these small inconveniences altogether?

They Do Not Call It Snail Mail For Nothing

Another downfall of paper cheques is that the postal service is not always reliable.

If something gets lost in the mail, it could take weeks to recover.

Small businesses do not have time to deal with more weeks of waiting to get paid. It can hinder their ability to pay their employees and manufacturers.

The Digital Solution

Reliable, fast, and convenient solutions exist. Small businesses no longer need to worry about the hassles of paper cheques.

A Canadian SME can get paid by a U.S. company in one day with the use of ACH. ACH stands for Automated Clearing House. It is a computer-based software that helps process transactions.

It takes away the inconveniences of getting signatures, using the postal service, and waiting on banks to process your transactions.

Learn More About ACH

Post-Pandemic Payments

With digital payments, everyone is happier.

No one has to go to a mailbox, make a trip to the bank, or obtain any signatures. It can all be done electronically.

With ACH, your company can get paid in one business day without having to leave your home.

Paper Cheques Are Old News

The Revolution of Payment Methods

Get Paid Faster And Forget The Paper Cheques