Getting checks from Grandma for birthdays is not an experience that most millennials have. However, checks remain a predominant payment method that most businesses and institutions accept, which is why business check printing is crucial. Even if you have never seen a check paper in your life, you should know what to do with a check and how to have a check payment setup ready.
How Do Checks Work?
A check is a piece of paper with the payee (person who is receiving it) and payer bank information along with a MICR code. Online check printing services can provide you with check paper with your bank details and the MICR code printed on. You need to fill out the payee’s details and endorse the check to make it a valid payment form. The banks or online check payment apps scan the details and transfer the funds from the payer’s bank account to the payee’s bank account.
Know the Terms
Knowing the lingo is a part of knowing how to make check payment. Some basic check related terms that you need to be aware of are-
- Cashing a check- it means handing the check to a teller to get money handed directly to you.
- Depositing a check- it means handing the check to a teller to get the money transferred to your bank account.
- Post-dated checks- this type of check has a date in the future written on it. After that date passes the payee can deposit or cash the check.
- Ante-dated check- the opposite of post-dated check has a past date on the check allowing the payee to cash the check before the check expires.
- Bounce- a check can be said to have bounced if the payee is refused payment due to insufficient funds in the payer’s bank account.
- Check Endorsement– signing the check in the front and bank verifies the agreement of the transaction.
- Printed Checks- these have the MICR code and the payer’s bank details on them.
- Blank Checks- these are blank sheets of check paper onto which the MICR code, payer’s details, and payee’s details print.
- Bearer Check- anyone in possession of the check can cash it.
- Order Check- the person whose name is on the check is the only person who can cash it.
- Self-Check- you can use these to withdraw money from your account.
These are some basic check related terms that you need to be aware of.
Buy the Right Paper
With knowledge of the above terms, you can start printing the checks. First, you need to have check papers. Online check printing services offer affordable ones for businesses and individuals to purchase.
Set Up Your Printer
If you choose to print checks, then you do not have to look for a specific printer. Any inkjet printer works in offices and homes. With blank checks, you need to stock magnetic ink to print the MICR codes. With the help of check printing software, like QuickBooks, you can easily print checks to complete check payments.
Final Notes
Online check printing services, check printing setup, and knowledge of the payment process can help you enjoy the advantages of the widely accepted payment method.
