Monday, 19 October 2020

Published Monday, October 19, 2020 with 1 comment

Managing Checks and Payments


According to a study conducted by Pew Research, of all the people who used traditional payment methods, 37 percent used checks.  According to another statistic from the Federal reserve, in 2018, there were 14.5 billion check payments made in America.

We have moved from credit cards and debit cards to mobile banking and digital wallets, and the check payments are receding year on year, but the numbers are still considerable. Some people will still hand out checks, and companies will have to manage them.

A few years back, managing checks was not that big a problem even though companies received way more checks than they do now, since there was a set system and well defined processes for managing checks. The problem is now that people do not deal in checks, they don’t really know how to handle them anymore. If you are looking for help in managing checks, here are a few tips that will come in really handy:

·         If the checks are handed personally – have a designated person to receive checks. Hand over the check acknowledgement receipt as and when the check is received. A copy of that receipt must be kept in the office for records. After handing over the receipt, scan the check using scanner or mobile scanning app and make a manual entry in the check payment log where-in you should write all the specifics of the check including the check number, bank, player’s name, parent’s name, their contact information, payment made against (month and year), and take the signature of the depositor.

·         If the check is received in the mail – it should immediately be handed to the accounting person responsible for checks, who then needs to scan the check and make a manual entry should be made in the checks’ payment log with all the relevant details as mentioned above and the date of receipt of check.

·         There needs to be a person designated to take the checks to the bank and deposit in the club’s account. There should be a deposit log that would mention check details along with the deposit details include date and time of check deposit.

·         Make sure the check is deposited the same day or the day next. Do not let checks sit idle in the office.

·         Make sure you keep checking on all payment and deposit procedures to avoid any mis happenings.

Encourage mobile payments

Some people might still write out checks, but the good news is that the number of such people is declining. Educate and encourage clients to make mobile payments on the InstaTeam app. Other than making your life easier by automating and managing the entire payments function of your organization, InstaTeam will help your clients with the convenience of anywhere, anytime payments alongside giving them the surety of a recorded digital transaction versus human errors. The digital trail of each payment also helps reduce the paperwork and legwork of noting trivial details and running to the bank each time a payment is received.

InstaTeam has an exceedingly simple payment feature which makes it easy for people to accept and start using it on a regular basis. The best part is that it does not require you to be savvy with digital payments, you can use your debit or credit card to make payment, which is the most commonly used mode of payment in America today.

Looking for activating the payments feature on your InstaTeam app? Read this: Collecting Payments on InstaTeam.


1 comment:

  1. I admire this article for the well-researched content and excellent wording. Thank you for sharing the useful information. Quickbooks Online backup