Is your court still issuing paper checks? In today’s technological landscape, it feels as if most transactions are moving away from paper to electronic in an effort to streamline and stay relevant. It has been reported that paper checks can cost an organization up to $7.78 per check. If you issued 1,000 checks per month, that would be a cost savings of $7,780 per month!
Electronic payments are any kind of payment that does not involve a check or cash. This can include debit cards, ACH or direct deposit. Electronic payments can be made or received on computers and mobile devices.
So, how could your court benefit and streamline processes through electronic payments?
1. Eliminate paper checks
Cutting checks is labor intensive. It takes an employee time to process the payments, cut checks, stuff envelopes and mail. By eliminating paper checks from your court disbursements, you can create cost savings on check printers, supplies, paper and postage. What court doesn’t want to save money? Another benefit of getting rid of paper checks means no more uncashed checks floating around, waiting to cause trouble for your court.
2. Reduce risk by eliminating check fraud
Checks can be stolen, copied, routing and check numbers can be taken. All of these lead to check fraud and issues for your accounting. By eliminating checks and going electronic, check fraud and issues surrounding it become obsolete. As a bonus, escheatment also becomes a non-issue.
3. Immediate reconciliation
Your accounting department will love you when you tell them that they can do immediate reconciliation with electronic payments. This electronic process allows for easy data tracking while improving the efficiency of accounting.
Beneficiaries prefer electronic payments
In a digital world, those receiving payments prefer receiving them electronically that they can move and control with their mobile devices and online. In fact, 94% of people surveyed prefer a Push-to-Card or ACH disbursement instead of a paper check. When paying jurors, increasing juror satisfaction can go a long way to making your court more efficient and effective.
So how does your court take advantage of these benefits? CourtFunds, powered by Rapid Financial Solutions, provides an electronic jury and restitution payment program that allows your court to offer an electronic payment to your payees that can be accessed via a debit card or an online account. For more information, visit the CourtFunds page or contact a sales team member at 435-535-3454.
1 Based on a cost of $7.78 per item, according to the Aberdeen Group https://acom.com/cost-issuing-checks/.
2 Visa Digital Disbursements Consumer Preferences Survey, 2017 https://www.fiserv.com/en/solutions/payments/electronic-billing-and-payment-solutions/digital-disbursements.html