Accounts payable and corporate payments solutions providers are adamant about getting rid of the paper check, known to be a cumbersome, slow and expensive way for businesses to pay their suppliers and employees.
But one FinTech company says its corporate clients want the paper check, and now, it’s giving into those demands.
Patriot Software said on Thursday (Aug. 4) that it has rolled out a feature enabling clients to use blank check stock to print out their own checks for payroll purposes. The company added that the feature will also be useful for Patriot’s Certified Advisors that run payroll for several of their own clients and will, therefore, no longer have to maintain preprinted check stock for each of them.
“This is a feature many customers have asked for,” said Patriot Software Senior Accounting Specialist Mike Streb in a statement. “We listened, and now customers can enjoy even more options and flexibility when printing paychecks.”
To take advantage of the offering, Patriot explained that companies must use a magnetic ink character recognition printer cartridge. Self-printing checks on blank stock saves money, the company said, compared to using preprinted check stock.
According to Patriot, 12 percent of all checks written in the U.S. are for small business payroll; on average, it added, a business uses paper checks to make 50 percent of its B2B payments.
The expense related to using paper checks for B2B payments is often used as an argument for why companies should adopt electronic payment strategies.
Recent analysis by startup SnapCheck said paper checks cost businesses $50 billion a year. But like Patriot, SnapCheck is also responding to the ongoing demand among businesses to send and receive paper checks; the company supports paper check use by helping companies digitize the check.
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