A cheque is a traditional payment method that employs the use of a paper document to make a payment transaction. It is a trusted form of making payments as only the recipient named is able to cash the cheque at a financial institution, provided that they prove their identity.
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Why use cheques for payment transactions
There are a number of reasons why this offline method of payment is still used widely across the globe. It offers benefits to consumers using cheques to make payments however, many business entities do not accept cheques due to high risk of cheque fraud.
The main advantages of using cheques as a way of paying for goods and services are the following;
- Safe: only the named recipient is able to cash the cheque at a bank or other financial institution.
- Trusted: being a method of payment that has been around for generation, people trust this traditional method of payment over online solution at times.
- Batch processed: this allows the costumers to make post dated cheques that grants them time to put funds into their accounts. This is widely used as consumers can make payments for goods and services in advance even if they do not have the funds in their accounts.
- Personalization: companies as well as business professionals are able to personalize and customize cheques according to their companies, incorporating logos, trademarks and designs.
In order to find out how cheque processing can help your company cater to a wider market, it is important to seek the assistance of a professional consultancy firm.