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Paper checks vs digital payments - is the convenience worth the risk?
I used to swear by paper checks for my landscaping business until I switched to a digital invoicing system last year and saw my late payments drop from 30 percent to under 5 percent in just 6 months. But now I'm hearing horror stories about digital fraud from other small business owners in St. Louis like the one where someone hacked a payment portal and drained a vendor account. On the flip side, checks get lost in the mail all the time and cost me $3.50 each to print and send. Which side do you lean on for business payments?
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nancyn6917d agoMost Upvoted
Sympathy for the digital fraud worry. It's a gut punch when you think you're safe.
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daniel14017d ago
Yeah but that 3.50 per check is actually more like 6 or 7 bucks when you add in the cost of the envelope and stamp and your time stuffing them. I run a small plumbing outfit and had a guy try to cash a check from a stolen checkbook last year, so digital isn't the only way to get burned. The real trick is using a payment system that does two factor authentication and keeps your bank info separate from the transaction.
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