You’re probably familiar with the process of sending and receiving goods in the mail. Sit tight! We’ll let you know why you should not mail cheques.
However, did you know that nearly 500,000 letters are lost each year through Canada Post? If you are sending cheques in the mail, you need to stop. Here are three great reasons why, and some alternatives.
Manual Work Involved
When you send a cheque, you’re required to manually keep track of your transactions. It’s arguably much harder to keep valid documentation of your paid invoices when you’re not quite sure if your recipient ever received your cheque, or if you never received your rightful payment.
This can be especially difficult when working with or paying overseas affiliates, as things such as language barriers, time-zone differences, and waiting times all come into play.
This disorganization can damage the relationship between you and your international workers, or even tarnish your business reputation. You don’t want that– you want to pay your overseas staff without the stress.
That’s why it’s much more beneficial to utilize an online payment method that automatically keeps track of all of all of your paid and unpaid invoices as well as your beneficiary details. Some companies like REMITR even provide a system that does just that.
When you use REMITR with Xero, you sync all of your Xero contacts and invoices into one universal system. You are then able to effortlessly make payments with the click of a button and keeping track of all of your transfer information.
This is a much more beneficial alternative, as it automatically documents the transactions between you and your business partners on the spot without needed to do anything else– and all of it is completely secure.
Every so often, union workers get fed up with how they are being treated and decide to go on strike. We all suffer when the people who deliver our mail strike.
You don’t want to get caught up in that, especially if your cheque gets stuck as a result of politics that don’t involve you at all. Chances are, if your cheque gets stuck in the madness of a strike, it will probably end up lost. You will then have to re-issue the cheque and deal with frustrated employees/suppliers.
Lost or Stolen Mail
Unfortunately, courier companies are not perfect. As mentioned above, nearly 500,000 letters are lost in the mail through Canada Post per year. A simple Google search will show you the horror stories of people who lost job opportunities from this disorganization, and in some cases, people’s mail getting stolen consistently from a Canada Post worker, or a general thief.
You can protect yourself from this by getting set up with an online service that sends money safely and securely. A company like REMITR is regulated by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) which makes them secure. What’s, even more, is that REMITR sends money to over 150 countries within one business day.
By making a switch to REMITR you’re protecting yourself from your cheque getting lost or stolen. You’re alos taking advantage of highly favorable payment processing speed.