Check and Cash Payments
Checks and cash were already heading out the door before COVID-19 arrived. In the last two decades, consumers have been using debit and credit cards more often. In the last ten years, payment services such as Square, PayPal, and Venmo have became increasingly popular. Online shopping has exploded since March when COVID-19 became a global threat. Check or cash payments are not available for online purchases, so plastic cards must be used. So why is it still happening?
Hesitations Towards Switching
- Switching to a new payment program offers a lot of unknowns. The business will need to figure out new logistics and determine if it is even feasible to offer new options or to change payments.
- Typical credit card companies can change credit limits or drop clients without warning. When this happens, users rely on their debit cards. However, with CourtFunds, you won’t have to worry about your fund recipients being dropped.
Benefits to Switching
- The unbanked and underbanked population, making up 31.6% of American citizens, do not have reliable and affordable ways to cash their checks or to store their money. However, with reloadable debit cards, this population can safely store funds. They won’t have to return to check cashing
- Touchless disbursements are another benefit to switching from checks and cash. CourtFunds especially offers many disbursement options that are all touchless for your employees and recipients. Less touches on a single payment reduces the risk of diseases being spread.
- For those who do have a bank account, having a separate FDIC insured account can help protect them from potential online fraud. The U.S. government’s Cybersecurity and Infrastructure Security Agency (CISA) stated that “you can minimize potential damage by using a single, low-limit credit card to make all of your online purchases.”
- Employees and shoppers appreciate choosing which payment option works best with their lifestyle. Juror satisfaction increases when paid immediately for their service as well.
It’s past time to rethink how payments are being done. Set up a demo with us today to see how we can seamlessly modernize your payments. Our Account Managers will help you through every step to ensure you’re ready to start.