What Costs Lurk Below the Surface?
Ask most entrepreneurs how much it costs to pay a bill by physical check, and you’re bound to get a range of responses. Some may have well-qualified calculations, while others can only estimate at best. While the cost per bill may seem inconsequential on an individual level, truly diving into the fully-loaded cost can come as a surprise.
The combination of time and resources can add up quickly, and can cause business owners to take note. Luckily, advancements in bill pay automation and electronic payment methods can provide businesses with significant relief from such expenses, and allow them to funnel funds into more exciting business development initiatives.
All in all, paying your business bills by physical checks can add approximately $1,070 a year to your business expenses. And yet, research shows most businesses still pay 50% of invoices by check! While we have some ideas on what you could do with it; what would you do if you had an extra $1,070 a year?