Client Payments

Many clients still remit payments by check and that’s certainly fine. With mobile and remote deposit, depositing checks are a lot simpler, easier and much more convenient for businesses. No need to always run to the local bank branch before 5pm to make a deposit.

However, check payments can be slow as they are often sent through regular postal mail. There is always the possibility that a check may get lost in the mail. And, most banks do have a check clearing schedule meaning you may have to wait several days before those funds clear and become available. In addition, banks often have daily/monthly limits on mobile deposit and may assess additional service fees for remote deposit and the remote check scanner.

As an alternative to check payments, to the extent possible, encourage clients to remit payments electronically via ACH or wire. Electronic payments will process faster and the funds will typically be available almost immediately once posted to your account. Plus, no need to worry about a lost check in the mail.

Some banks do charge a flat fee per transaction or group of transactions, so both you and the client should check with your banks to see if any fees are assessed. Some banks do include a number of ACH and wire transfers per month without any additional costs. This may vary based on the financial institution, the type of account and banking relationship.

There are certainly other options/alternatives out there as well. Be certain to do your research to determine what costs/fees you may incur if you choose to go that route.