New Remodeling Contractor For Handicap-Accessibility? Consider Business Check Cashing Services


If you are transforming your plumbing business to focus more on remodeling bathrooms and kitchens for handicap-accessibility, you may find yourself with one problem that you haven't considered yet — check cashing. According to a Federal Bank of Atlanta report, 25% of people aged 65 and older prefer to write checks instead of paying with other means. Since many of your customers will be in this age range, accepting personal checks for payment will be good for your business. However, there is one very important thing to consider. 

Personal Checks Take Time to Clear

Typically, it takes about two or three business days for a check to clear and the funds to be placed into your account. Sometimes, however, it can take as long as five business days before you see the money in your account and are able to use it. This can pose a problem for you, particularly when you don't have enough cash flow to purchase large items you'll be installing for your customers.

While you could opt to wait until the funds clear to start purchasing what you'll need for the job, doing so may hinder your ability to contract with customers who may need the work done as soon as possible, particularly since having a handicap-accessible bathroom is a necessity, not a luxury, for many of your potential customers. They may look for another contractor to do the work for them instead. 

Open a Same Day Check Cashing Account

Instead of waiting for customers' checks to clear, open an account with a check-cashing service that caters to businesses that need to have cash in hand on the same day instead of waiting for checks to clear. That way, you'll be able to pay your suppliers and employees as soon as possible, and they won't have to wait for the check-clearing process at a typical bank or credit union. 

You can choose to be given the funds in cash or have the funds put on a debit card. If necessary, you can receive some of the money in cash and have the rest put on a debit card or vice versa. Due to the variability of your specific needs, this is likely something you can determine each time you cash a check, at least until you are accustomed to incorporating this method of handling the personal checks written out to your business. 

If you are interested in learning more about options for check cashing, visit a local bank or credit union. 


18 February 2022

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