Historically checks have played an important role in commerce. They have acted as an easily acceptable form of payment for most businesses. However, in recent years, technology and banking have evolved to a point where that checks are more expensive and time consuming than other forms of payment. Checks are also prone to fraud, which can be a nightmare for businesses to resolve. Noelle Knox, editor of CFO Journal at The Wall Street Journal, recently penned an article on the drawbacks of checks
, and how they’re negatively impacting businesses.
Being located in Australia, Conholdate experiences other problems related to checks. Check payments from out of country can take between two to three weeks to arrive. That leads to delays with license file delivery, which can be frustrating for our clients. In cases where mail is lost or misdirected it may take several conversations, and months of time to get things sorted out.
Due to the above reasons, and as part of our paperless initiative, Conholdate will no longer accept payments by check. We do accept payments by credit card or wire transfer.