The Exorbitant Costs of Sending Paper Checks
Posted by Checkbook on Jun 02, 2020
Bank of America estimated that it costs between $4 and $20 for a business to process a paper check. Don’t forget to add one off problems and mail delivery breakdowns that add to this cost.
On the recipient end, we continue to lose money while waiting around 3 days to actually receive our check in the mail. Now the recipient has to take the time to deposit the check at their bank and wait for that balance to be added to their account, all the while the time value of money working against them.
Let’s not forget the environmental cost as well. Checks are of course impossible to reuse and waste paper every time a new one is cut. Additionally, think of how many checkbooks sit lying around in the back of desks and drawers, never to be used. These are trees that were unnecessarily cut down to create checks that will never even be used.
Here is a small illustration of the cost savings that Checkbook brings:
About Author: The Checkbook Team
Check Out The Company That Created Digital Checks with Instant Payments
The business model works a bit like Dropbox in the sense that Checkbook gives away its service to consumers in hopes of infiltrating businesses that it will charge. Rather than try to sell Checkbook's convenience to companies one at a time, it hopes to gain viral traction and parlay that into real customers.
A New Look
Starting Monday, Jan 18th 2021, Checkbook will be rolling out our latest recipient experience UI. These new templates were created to provide our customers and their recipient's with a clean and effortless design philosophy that many have come to expect of modern payment providers.
What is a Virtual Credit Card (VCC)?
With a virtual credit card, you can create temporary extensions of a pre existing credit card.