Let’s say there is only one check left that you have to issue because the vendor doesn’t accept anything besides cash and checks. It’s every month.
Total of $3.426/month ($41.112)
Cost of check – 80/250 ($80 for 250checks) = $0.32
Person ordering the checks and when they come unpacking and storing them in locked drawer or in safe (15min and they make $15/hr. and there are 250 checks) = $0.016
Person writing the check (unlocking safe, writing a check, putting in envelope and mailing it out with standard stamps $15/hr. 10min) = $3.09
Let’s just say the person doesn’t need to go to the post office because mailman will come and get it.
Total Cost $0.104/month ($1.25 year)
Set up autopay and let’s say you have to update your card once a year.
Person who sets it up 5min $15/hr. = $0.104/month = $1.25annual
Now let’s reverse that and say that you have one customer who pays you by check. How much does it cost you? Average transaction in veterinary practice is $168, let’s go with that number.
Total of $9.25
Person opening mail, documenting the receipt of the check and handing it to accounting personnel. $15/hr. 10min. =$1.25
Person recording the check 15/hr. 2min = $0.5
Person going to the bank to deposit check. 15hr/30min = $7.50
Total of $5.672
Person swiping the card – 2min =$0.5.
2.9% +30c per transaction = $5.172
If the card gets stolen, you dispute a transaction and get a new card. With lost checkbook, your whole account number is exposed!
You get paid faster. Who wants to wait for check in the mail or wait if it even clears?