Checks, which are often considered outdated, continue to be used in various financial transactions, particularly B2B ones. This is because a lot of small vendors and service providers opt for checks to validate their familiarity and the paper trail of the transaction. Invoices, payment terms, and contractual obligations can be verified with their help. One of the crucial elements to verify is the account number on check. Misleading account numbers can cause significant problems, including delayed payments and misdirected funds.
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What Is an Account Number?
When you receive a check, you may have come across a group of numbers at the bottom. These include account number, routing number, and check number. Each of these numbers has a specific function, and familiarizing yourself with them can help in making the financial process easy. Especially if you are a young entrepreneur relying on digital payments, you might be confused with checks and these numbers.
First, let us see what the account numbers on a check are. Account numbers are the second group of numbers on the bottom of a check to identify your checking account. These are unique identifiers and are for only a single account of a specific financial institution. You can find these numbers between routing and check numbers, and they range between 9 to 12 digits. If you have multiple checking accounts, each account will be assigned a different set of numbers.
When a transaction occurs, it is the account number that tells financial institutions where to deposit or withdraw the money. As no two account numbers are the same, it acts like a fingerprint for your checking account. However, it is very important to keep your account number private and secure, or else it can lead to unauthorized transactions or fraud.
Eliminate the Hassles of Ordering Preprinted Checks
Are you a business owner thinking of ordering preprinted checks to make transactions? Well, it may come with certain challenges that you should consider before ordering one.
Preprinted checks contain sensitive financial details such as account numbers. If the check is exposed in transit or not stored securely, it can lead to fraud or theft. If you have incorrectly entered the essential details during the ordering process, all checks in that batch will have the same mistake. These checks become useless, and you have to order a whole new set. This can be expensive, especially if you are a new and young entrepreneur struggling with cash flow. Ordering pre-printed checks may feel excessive for a young entrepreneur who needs checks only occasionally. Particularly if the checks are of a single account number that may not be frequently used.
You can eliminate all these hassles of ordering preprinted checks by printing checks instantly. With Zil Money, you can print checks online easily and effortlessly.
Let us see more on printing checks on the cloud-based platform.
Instantly Create and Print Checks with a Few Clicks
Before printing checks on the cloud-based platform, you need to create checks. For this, Zil Money offers an easy drag-and-drop feature. With this feature, you may add your business logos, font styles, background images, and other elements. Also, the platform provides many predesigned check templates for various needs such as business, payroll, and personal. Select the check template you need and create personalized checks for specific requirements. You may also import checks on the platform by integrating with your accounting software. After importing checks, you may make any changes to them and save the template for future use.
Once you have finished check creation, you can easily print checks with a few clicks. For this, all you need is blank stock paper, which is easily available in your nearby office store and also any regular printer. Now, start printing checks instantly on demand from your office or home with the cloud-based platform. You may easily save 80% of traditional check printing costs by printing on blank stock papers using the platform.
Easily Integrates with Financial Institutions
As the platform is integrated with more than 22000 financial institutions in the U.S. and Canada, you can easily connect multiple accounts. With this, you can reduce check fraud and reconcile all financial data into a single place to manage finances easily. Also, you can print checks of any financial institution with the respective account number on the platform. Other than printing checks, you can also mail or email checks to your payees using the platform. Also, you may make payments via ACH, wire transfer, credit cards, virtual cards, payment links, and more.
Conclusion
When it comes to B2B transactions, many small vendors and some businesses still prefer check payments. While making these check payments, you should carefully verify essential components like routing, check, and account number on the check. With Zil Money, you can instantly print checks and make payments only on demand. As you can view the checks before printing on the platform, you can ensure you have entered the details correctly. Thereby making payments via checks easy and hassle-free for you.
