Why accept checks?
Over 91 percent of Americans have a banking account
A recent survey by The Federal Reserve found one in 12 families (about 7.7 percent nationwide) were considered "unbanked" meaning they did not have a bank account. That means that 91.3 percent of Americans have bank accounts.
Many customers prefer checks as a form of payment
About 70 billion checks were written annually in the United States by 2001
The personal check continues to be one of America's favorite payment methods. The American Bankers Association estimates the dollar amount of bad checks at $850 million last year, up 43% in two years.
For many people it may be their preferred method of payment. Consumers like the piece of mind a check gives them when paying for goods and services. They feel it gives them recourse in case the goods are defective or if the services weren’t performed correctly. In addition, consumers are afforded a couple days float since it might take a couple of days before the money is actually debited from their account.
Flexibility for businesses that accept checks
Accepting checks allows businesses to have the most flexibility when it comes to accepting payment. The ability for the customer to write a check allows businesses to maximize sales and increase profits. Businesses can accept checks at the point-of-sale, out in the field, or even through the mail.