As time goes on, most businesses are continually looking for new ways to operate more efficiently. Usually, the first thing that managers think about when trying to become more efficient is finding ways to improve various in-house systems. However, when it comes to certain tedious tasks—such as check printing and mailing for your employees—one of the best ways to improve your company is to outsource these tasks to a more objective specialist. This article will examine the benefits and details involved in using a check printing specialist to improve your business.
The check printing and mailing industry is one that has become increasingly utilized over time. However, with many different service providers to choose from, it can be difficult to distinguish which one will actually make the most logistical sense for your business. Fortunately, by keeping these simple—yet important—pieces of information in mind, it will be easier to find a business partner that can work to meet your needs and help position you for long-term success.
Why Outsourcing Check Printing Services Makes Sense
The principle of specialization is one that has been proven to be useful in essentially every component of the business world. While your business has been designed to perform a very specific set of tasks, it is highly unlikely that you consider check printing to be your specific area of expertise. In fact, if anything, you are probably like most business owners and consider the printing, mailing, and general management of your employee’s checks to be a bit of a hassle.
By outsourcing a tedious task such as check printing to a business that specializes in this exact service, you can devote your limited time and efforts to whatever it is your business does best.
- Outsourcing check printing services can help your firm dramatically reduce labor costs—especially with regards to opportunity costs
- It also reduce your monthly cost of consumables. This includes things such as postage, ink, machine usage, envelops, paper, and other things that will only be used once.
- Makes it easier to adjust your organization’s cash flow schedule when your available capital is limited. Many outsourcing services offer flexible credit options that allow you to pay your employees now while paying for the check printing costs later.
- Outsourcing check printing services can also improve relationships with your vendors, streamline your payment system, and make it much easier to stay organized over time.
Your employees will also stand to benefit from the use of a quality check printing service as well. These services typically focus on security, efficiency, and reliability in a way that is difficult for most small, or even mid-sized, businesses to functionally achieve on their own.
Compare Different Service Options
As most industries continue to become more competitive over time, naturally, organizations utilizing those industries will have a wider range of options to choose from. Because many check printing and mailing services can often seem quite similar to those who are looking to use them, determining which service will be most compatible with your business can sometimes be a rather difficult task.
Fortunately, there are many different ways that you can distinguish which service will be most compatible with your business’ needs. Asking for recommendations from business partners of similar sizes, reading reviews online, and comparing the different features of these services available are all great ways to begin your search.
- What mailing options do they offer? The most commonly requested mailing options include USPS First Class (often required by law for mailing checks), USPS Express, FedEx Overnight, and USPS Box.
- Do you have the option to track your checks in the mail? USPS first-class mail offers senders the ability to know when their letter entered the mail stream and the exact time it was delivered. Having this option can help you avoid potential conflicts with your employees.
- What customizable options are available? The best check printing and mailing services will give you the option to include logos, notes, and watermarks on each of the checks that you print.
- What kind of checks will be mailed? Typically, checks are mailed on a trifold 8.5 x 11 inch piece of paper with the actual check occupying one of the three folds. However, depending on the specific needs of your company, you may want to have a wider range of options available.
- What other mailing services are offered? In addition to using an outsourced service for your checks, you may want to use this same service for delivering invoices, customer rebates, memos, and various marketing materials.
Once you are able to answer these questions, it should be much easier to know which prospective check printing service will work the best for your business. Additionally, you will always want to consider the prospective company’s willingness to work to satisfy for needs. Paying attention to details such as the inclusion of a personal representative, the ease of setting up your system, reporting features, and the logistics of the billing process are all things that can make a difference.
Working Within Your Budget
Even keeping the list mentioned above in mind, there will still likely be several check printing services that you deem to be acceptable. Ultimately, the one that will be the best for your business will also depend on your current budgetary restraints.
Though many managers are—rightfully—hesitant to spend any more money than they possibly have to, outsourcing check printing services may actually help your organization save money over time. Because check printing services are able to buy consumable products in bulk, outsourcing can help you pay less for each piece of mail you end up delivering.
Mailing a check typically costs a business just under $1.00. This includes, on average, 47 cents for postage, 15 cents for paper and envelops, 9 cents per ink, and 25 cents per labor and machine expenses. In this particular example, outsourcing check printing and mailing services could be financially justified if the outsourcing company can produce the exact same result for less than $0.96 per unit.
Fortunately, there are many different service providers available that can offer their services for significantly less. If you are able to save $0.10 on each check mailed, and your business mails 1,000 checks per year, then the simple act of outsourcing will immediately improve your bottom line by $100. In many instances, savings have been found to be even greater.
Pay attention to security features
Another reason that many businesses choose to outsource their check printing and mailing services is the simple fact that—especially when compared to what they are doing in the status quo—outsourcing is something that is measurably much safer. As time has gone on, these services have continually found innovative new ways to combat fraud, theft, and other risks in order to keep both employers and employees safe.
- Security encrypted administration systems
- Magnetic ink character recognition (MICR) technology
- Closed loop reporting options
- 2D barcodes to ensure document integrity
- Federally supported mail tracking systems
- Positive pay to help prevent fraud
- Bundled mailing to help minimize the risk of human errors
- Protective watermarks, toner anchorage, thermochromatic ink, visible fibers, chemical wash detection, and other on-check features
These are just a few of the important measures that can be taken to help keep your business safe. In addition to the likely fact that your business will already be saving money by outsourcing to a professional service, the benefits of making the switch are quite obvious.
Be willing to ask a lot of questions
Once you have a short list of the final check printing and mailing service providers you are considering using, the best way to distinguish the ones that are merely good from the ones that are the very best is by asking them a lot of questions.
- Why should we choose you as our check printing and mailing service provider?
- What security features to offer to help keep us safe?
- Do you offer flexible payment schedules?
- What customizable features can be included on each check?
- How does your business use technology in order to streamline the check mailing and printing process?
- What other services does your company provide?
These are just a few of the questions you begin to ask to get your organization pointed in the right direction. The services with the best customer service systems will happily—and promptly—be able to answer them. The check printing industry is one that is highly dynamic and always working to find new ways of satisfying customers. Though finding the company that is most compatible with your business may require a little bit of work, if you are willing to engage, you will undoubtedly find your business in a much better position for success.