The development of cloud based software has been one of the defining characteristics of the current decade. The cloud has transformed the way that many businesses operate and has helped developers of all varieties overcome the limitations imposed by previous technologies.
As the use of “the cloud” has become a mainstream component of the business world, it has asserted itself in almost every industry. In fact, according to Statista, there are roughly 1.8 billion people who use the cloud one way or another on a regular basis.
The check writing industry—one which has been rapidly expanding in the digital era—has been no exception to this rule. Most check writing services now incorporate the cloud into their everyday business activities. While there is still a significant portion of checks that are actively being issued on paper, developing a modern cloud-based system has certainly been quite valuable for both check issuing services and their clients.
In this article, we will discuss a few of the many reasons why check printing software has been so universally beneficial. By taking the time to understand why, exactly, the use of these practices has been rapidly expanding, you will be able to determine if outsourced check-writing makes sense for your business.
- Minimal Capital Expenses
Before the existence of the cloud, all essential information had to be stored in a physical, tangible location. While most new businesses would begin with a few computers on hand, their capacity to store all relevant information would usually be reached much sooner than they expected. With the cloud, however, increased storage needs does not necessitate the need for additional infrastructure. This applies to all businesses who are in charge of handling financial information, not just those in the check printing industry.
- Increased Accessibility
Another benefit of the cloud is that information can now easily be accessed by all relevant users. In an environment that requires a lot of collaboration—between banks, businesses, and the companies issuing checks for them—universal accessibility is an incredibly valuable thing. Individuals no longer need to be in the same room, at the same time, in order to collaborate on a specific project.
- Accelerated Corrections
While your business hopes to issue all of its checks correctly on the first try, there is a chance that mistakes will eventually emerge. Once you have identified a mistake, you will want to correct it as soon as possible. Due to the increased level of access and accessibility offered by cloud-based software, these changes can now be made instantly. This means that a larger portion of mistakes can now be caught and corrected before any erroneous checks have actually been issued.
- Disaster Recovery
Without the cloud, all information required a physical source of storage. Whether this information was being stored on a flash drive or directly on a computer, if the physical source were corrupted, all information would be lost. With the cloud, however, otherwise “lost” information can now easily be recovered. This means that if your laptop is lost, broken, or stolen, your business does not need to start over from scratch. You can pick things up where you left off, without damaging any of your financial relationships.
- Increased Security
Naturally, if you are in charge of handling any important financial information—bank account numbers, social security numbers, etc.—you will want to protect this information from potential theft or fraud. Despite the fact that the cloud can be easily accessed by all authorizedparties, there are still many security measures in place to prevent information from getting into the wrong hands. Advanced cryptography and other “military grade” features help assure that all information stored in the cloud remains perpetually protected.
- Environmental Benefits
In the modern era, many businesses are looking to operate in the most sustainable ways possible. Reducing the use of paper and reducing the need for additional infrastructure are both ways your business can become more sustainable, without needing to make any major changes. If you are looking for the “greenest” check issuing option available, then using a cloud-based check writing system is certainly the way to go.
- Automatic Updates
In order for your business to continue operating smoothly, then you will need to use software that is always up to date. Instead of having to take time of your day to make these updates on your own, the use of the cloud makes it possible for these updates to occur automatically. As new security features, checking functions, and user interfaces are developed, they can be immediately introduced and applied to your current system.
- Comprehensive Services
Most businesses offering check printing services also offer additional—but related—services as well. These services can include statement printing, accounts payable management, and everything in between. If a business hopes to use multiple of these services at once, it will naturally be much easier if they are available in the same location. The cloud makes it possible for businesses to offer more comprehensive packages to their clients, which is something that ultimately benefits both parties involved.
- Ease of Connecting with Banks
Any business that is actively issuing checks—whether paper checks or digital checks—will need to be drawing its funds from somewhere. Usually, this specific “somewhere” will be that business’ bank. With cloud technology, communications between the bank, the check issuing company, and the business itself can be streamlined and made more effective than ever before. This will be especially valuable for businesses issuing checks with positive pay—an advanced security practice that involves confirming account information with banks before checks can be cashed.
- Additional Customization Options
Lastly, the cloud makes it possible for businesses to easily manage their checks and also take advantage of new customization options. By having a system set up in a centralized location, such as the cloud, business owners can do things such as add logos or make adjustments to their checks whenever they see fit. It is no longer necessary to wait for approval from the check writer before these changes are made.
The development of the cloud has opened up a world of possibilities for almost every type of business. Check writing companies—and the businesses they work with—have quickly discovered ways to use the cloud throughout the course of doing business. With all of these potential benefits (and more) readily on the table, there is no surprise why countless businesses are choosing to take advantage of cloud-based check writing software each year.