Tired of Waiting for the Mail? 3 Better Ways to Get Paid

For generations, the paper check has been a staple of business transactions. But in today’s fast-paced world, the process of writing, mailing, and waiting for a check to arrive feels increasingly outdated. The delays inherent in this system create cash flow problems and administrative headaches for businesses of all sizes.

If you’re tired of hearing “the check is in the mail,” it’s time to explore more modern and efficient alternatives. There are several ways to get paid faster, each with its own set of pros and cons. Let’s break down the top three.

!3 Better Ways to Get Paid

1. Credit Cards (via Square, Stripe, etc.)

Accepting credit cards is often the first step businesses take to modernize their payments. Platforms like Square and Stripe make it incredibly easy to start accepting card payments online or in person.

• Pros: This is often the most convenient option for the customer. It’s fast, familiar, and allows for impulse purchases.
• Cons: That convenience comes at a high price for the business. You will pay a fee on every single transaction, typically around 2.9% + $0.30. On large sales, this fee can significantly reduce your profit margin.

2. ACH / Bank Transfer

ACH (Automated Clearing House) is a network used to transfer funds directly between bank accounts. It’s the same system used for payroll direct deposits and automatic bill payments.

• Pros: The fees for ACH transfers are generally lower than credit card processing fees, making it a more cost-effective option for bank-to-bank payments.
• Cons: ACH has two major drawbacks. First, it’s slow, with a settlement period of 3-5 business days before the money arrives in your account. Second, the setup is complex, requiring a merchant account and a bank underwriting process. ACH payments are also more prone to failure due to incorrect account numbers or insufficient funds.

3. CHAX (Check-by-Phone)

This third option combines the best aspects of the other two. CHAX Check-by-Phone is software that allows you to create a valid, physical check on behalf of your customer using their verbal authorization.

• Pros: CHAX offers an unparalleled combination of speed and low cost. You get immediate payment commitment over the phone, and you can print and deposit the check the very same day. The setup is a simple software installation, and most importantly, there are zero per-transaction fees.
• Cons: The only downside is that it requires a brief phone call with the customer to obtain their bank information and authorization.

The Verdict: The Best Balance of Speed, Cost, and Reliability

When you compare the three alternatives, a clear winner emerges for businesses that want to maximize their efficiency and profitability.

• Credit cards are fast but expensive.
• ACH is cheaper but slow and complex.
• CHAX is fast, simple, and has no recurring fees.

While credit cards and ACH have their place, CHAX provides the best all-around solution for most B2B transactions, service-based businesses, and any company that wants to eliminate the delays of mailed checks without sacrificing a percentage of their revenue to fees.

Stop waiting for the mail and start taking control of your cash flow. Explore how CHAX can become the most valuable tool in your payments toolkit.