While we live in a world where payments can be made electronically, there is still a need for paper cheques. They continue to be relevant as they offer a paper trail, reduce risk, and they help to serve a need both for individuals and businesses. They are convenient to use and make it possible to keep good track of all of your transactions.
With paper cheques, there is a trail so it is easier to find out what was spent and where it was cashed. That can be important when it comes to having records to verify you made a payment. A photo copy of the cheque before you send it as well as one from the bank when you get your statement showing it was cashed can help you to keep very good records.
You have to take steps to help ensure your business is protected from cheque fraud. Without preventative measures in place, you are at the mercy of criminals who look for easy targets. They often get a feel for how things are going to play out, so make sure they can’t easily get money from you and then you are left wondering how this happened!
You also have to prevent cheque fraud from happening inside of your own business by one of your employees or a clever thieve. Don’t leave blank checks where they could easily be stolen by anyone. There should be a check and balance system in place too where cheque numbers are always accounted for by at least two people. This ensures any cheque that may be unaccounted for can have a stop payment on it and even reported to law enforcement.