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The true cost of checks
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The true cost of checks

What does it cost your company to pay with a check? There’s the cost of the check — and perhaps it isn’t all that much. So why should you care about eliminating such a small expense to your company? In reality, checks cost your company a great deal more in both time and money. Let’s look at what paying with checks really costs you.

Cara Brewton
Lead Content Designer
April 1, 2023

What your checks cost

Digging deeper uncovers several factors to be calculated into the true cost of checks. Your mind may automatically go to mailing costs (envelopes, paper, and stamps) or bank fees (check reconciliation fees, stop payment request fees, etc.) but the largest cost to making your business payments with checks is manpower. Think of the time your team commits to preparing, sending, and following up on those checks. So what does all that time cost?

“Bank of America estimates that a business check can cost an aggregate of $4 to $20, based on the price of the check and shipping, plus the time employees spend writing, mailing, collecting and reconciling the check.” (via Multiply that per-check cost by the number of payments you make each year and you’re starting to see some pretty large numbers. A recent analysis of businesses processing 500 checks per month with three employees reviewing the payments calculated the cost of checks at $24,540 annually (via

What you can do about it

Digital payments solve your costly check problem. CPA Practice Advisor explains it this way: going digital, “saves firms the hard costs associated with processing paper payments … as well as soft costs, including the time it takes employees to manually enter data and manage approval workflows.” Handling your business’ payments (including agent commissions, vendor payments, and more) digitally will free up your team to focus on value-add tasks, “like strengthening supplier relationships and identifying new opportunities.” (via CPA Practice Advisor)

If you’re looking for a way to grow your business without having to grow your team then digital payments are the solution to add hours back in your work day. Earnnest lets you collect or pay almost any type of payment digitally. From earnest money deposits and vendor payments, to  agent fee collection and commission disbursement Earnnest makes it easy to save time and money on your payments.

Stop accepting the cost of checks and start maximizing your team with Earnnest’s digital payment solutions.

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Cara Brewton

Cara Brewton has been educating Earnnest users since 2019. Whether by visual design, by creating training resources, or by sharing client stories, her goal is to ease the way for the agents and homebuyers using Earnnest’s products.