You've probably come across personal checks on a fairly regular basis. However, business checks can also be printed for an organization or company. Business checks are an efficient way to complete financial transactions. Business checks can also make your company appear trustworthy and professional.
The Basics
A check is a legal form of payment, which is a guarantee of the transfer of funds from one party to another. It instructs a financial institution to withdraw a specific amount of money from a specific account and pay that money to a specific person, business or deposit it in another account.
Business vs. Personal Checks
While personal checks will draw payments from a checking account held by an individual or household, business checks draw funds from a business checking account belonging to a certain company.
People use their personal checks to pay household bills, make purchases and a host of other personal uses. However, business checks should not be utilized for personal use unless approved by your company's accounting department.
Business checks are typically written for business expenses such as paying vendors and company payroll.
Endorsing Business Checks
When you endorse a business check you are acting on behalf of a legal entity. In order to endorse a business check you must be authorized by that company to do so.
A business check is endorsed using the legal name of the company and the signature of a representative such as the business owner or treasurer. In some cases, more than one signature may be required when endorsing a business check.
You may choose to restrict the endorsement by writing "For Deposit Only" on the back of the business check. This will help prevent check fraud by ensuring the check can only be deposited in a certain account and not cashed to an unauthorized individual.
If you want to sign a business check over to a third party, you can write "Pay to the order of" on the back followed by the party you want the funds to go to, and finally your signature to complete the endorsement.
Types of Business Checks
There are two basic types of business checks. Computer or laser business checks are completed with accounting software such as Quickbooks or Quicken. Manual checks are written out by hand. When you order business checks online, they will be customized with your company's information. You can get them in a variety of styles including 3-per-page in both laser checks and manual business checks.
When you order business checks online from Check Advantage you can save up to 75% off what your bank would charge.
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