4 better ways to business bank instead of using cheques
There was a time when cheques were the best friend of any business owner. Now? Not so much.
By ATB Financial 19 December 2022 3 min read
Innovation has changed the way business owners of every size can move funds quickly and conveniently. In fact, there’s a number of electronic alternatives that offer an added level of security, speed and confidence.
Here are four non-cheque options that could give your business more bang for its buck.
Send funds with Interac e-Transfer® for Business
As we’ve seen in communities across Canada, Interac e-Transfer has made paying (and receiving payment) for what you need easier than ever. Why not employ the ease and convenience of INTERAC e-Transfer for your business needs too?
This digital alternative is faster, more secure, always available and incredibly user-friendly. This is the perfect tool to pay invoices and send funds instantly at any time of day. Not only can you move amounts as large as $25,000 in one transfer, but you receive detailed remittance data on the transaction beyond what cheques can provide.
You’ll also save on fees associated with cheques and get confirmation on a successful Interac e-Transfer immediately. You even have the ability to send an Interac e-Transfer just by using the recipient’s email address or mobile phone number. Looking to have funds deposited instantly? You can do just that when you choose to send a transaction directly using the recipient's account number.
Would you rather wire money?
Another alternative to traditional cheques is using ATB’s trusted wire services.
This method allows you to send guaranteed payments in over 25 currencies, up to $1 billion. Using a wire to send money gives you a quick, secure option for domestic and international money transfers. It also enables you to optimize payments with the ability to customize things like workflow approval and user access.
Going digital can also come in the form of an Electronic Funds Transfer (EFT).
More commonly known as “direct deposit,” EFTs give you the power to send and schedule regular payments from your account, as well as important one-off transactions. This method gives you control of your payments and enhances the reliability and regularity with which your money moves.
A better business transaction experience could be waiting in your wallet.
Credit cards can sometimes be overlooked as a business tool, but there’s no shortage of benefits worth considering. With ATB, you can set a customizable credit limit, find your ideal repayment option and enjoy flexible reward points and travel benefits. There are even cards dedicated to specific industries, like the Alberta Agri-Industry Businesscard™ Mastercard®.
Why should my business move away from cheques?
Cheques have their advantages, but as new digital options emerge, the pains of this form of payment have become pretty evident.
Here are just a few downsides of being reliant on cheques:
- Slow speed and limited control for time sensitive payments
- Getting new cheques can be costly and time consuming
- It costs more to send and use cheques than a digital alternative
- Criminals may steal, alter, or forge a cheque to steal funds
- Instantly changing details of your cheque is not an option
- Some businesses do not accept personal cheques
- Cheques can bounce if the correct balance isn’t kept
- You’re at the mercy of when the recipient deposits the cheque
- Needless paper waste
In short, cheques can be costly, have security risks and add a number of potential obstacles your business doesn’t need.
So what approaches are there that make the most of your time, money and sense of security? You have options. Options we think you’ll like.
Where can I get advice for what digital payment method would suit me best?
No two businesses are the same, which is why we believe in expertise built for your specific needs. ATB experts are available online and in-branch to provide that insight. Together, we can find the best solution for you and your business.
Interac e-Transfer is a registered trademark of Interac Corp. Used under licence.