September 10, 2018
business

6 Things You Need to Create an Independent Payment Setup

Photo credit: Pixabay

 

Have you been musing over the idea of starting your own business? Starting your small business requires a lot of setting up. The first thing you need to set up is a payment system. No matter how small-scale or independent your business is, you need to avail the services of other people. If you are producing any product, then you will need to pay off suppliers of materials you need to make your product. If you are offering a service, you will need to pay off the people who you hire. The best way of getting it done is by giving them checks. To create an independent payment system, you need to have the following things:

Business Account

The first thing you need to do when starting your business is to open a business account. You should never try to use your account for business transactions. Once you have opened your business account, all payments need to be made using your business accounts. To withdraw money from your business account, you need to give authorization. The authorization comes in the form of checks that you provide as payment.

Accounting Software

You need to sign up for accounting software, like QuickBooks, that can cater to your every business accounting need. Accounting software can keep track of all your business’ money. What you need to pay and what you are adding back to your business, everything can be monitored using your accounting software. So, when the time comes to make a payment, you do not have to sit down with multiple bills and a calculator. You can open your software, go to the correct file and press the print order.

Check Paper

When you open a business account with your bank, you might get a checkbook. But in the long run, you will run out of the checks that you get from the bank. Once the initial sets of checks are over you should not go back to the bank for more. Banks charge exorbitant prices for business checks. Instead, many websites offer customized business checks. These websites allow you to customize your check however you want and will get them delivered to your doorstep overnight.

Printer

With your check papers ready to be printed you need to have a printer to insert your checks. You can start off with your printer, but it is best to have a dedicated printer for printing checks. The settings of the printer need to be just right for the check to get printed correctly.

Custom Check Stamp

With your check ready and printed you need to authorize them. Custom check stamps online are available easily. You need to buy these custom check stamps online to authorize your check. When you buy the custom check stamps online fill your details carefully otherwise your stamp might become useless. With the endorsement stamp in place, you are ready to hand over your check.

Envelops

Do not merely toss your check at whoever you are paying. Put your check in a nice envelope carrying your business name or logo. Customized envelopes help complete your independent payment system.

 

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