Are you using a checking account in your business?

[Starmix]

It is better to invest our money that to let it sleep in the bank that earns a very small interest rate. In my case, I am still thinking of the best business that is discussed here so that our money grows profitably for a change.

Post automatically merged: Mar 4, 2023

I don't use a checking account, I only use a savings account and several e-wallet products such as shopeepay, funds, gopay, ovo, and so on. Because our transaction value is not too high, we don't need a current account yet.

The checking account I mean here is in the bank. That was what I used when I promoted local talents in our city. I paid the band members and vocalist with a check. It is not good of me to bring cash at that time due to robbery.

 

[astutimeliana723]

Post automatically merged: Mar 4, 2023

The checking account I mean here is in the bank. That was what I used when I promoted local talents in our city. I paid the band members and vocalist with a check. It is not good of me to bring cash at that time due to robbery.

Yes, I know, checking accounts are usually intended for transactions with high value, if the value is small then you don't need to use a checking account, just ordinary savings and e-wallets as I mentioned above.

 

[RicAngelo]

i never use this kind of services, Erly @Starmix and never want to use it of course, i only always pay my suplliers with cash money or bank transfer, and this is the reason why my supplier loyal to me, because i always paid them ontime

 

[Shavkat]

That is correct, when paying suppliers, it's a check that is used in paying. On the other hand, we must also get rid of those business people who might pa us a bouncing check. I was a victim of this before.

It is also good to cross-check the issued ones, so that no one can use them in illegal activities. At some point, we can able to stop the payment if the bank is verifying the person in cashing it out.

 

[Starmix]

It is also good to cross-check the issued ones, so that no one can use them in illegal activities. At some point, we can able to stop the payment if the bank is verifying the person in cashing it out.

That's what others are doing paying thru a cross check so they have to wait for the exact date however that's the gimmick of others paying in cross check because there is no money yet deposited to the account. It might also become a bouncing check.

 

[Niyi Briggs]

By the time I was conscious about finances, checking account was not popular anymore and no longer in use. I don't use a checking account for my business.

 

[Reedex]

Receiving cheques is not new to me because I've received it multiple times to make payment.

 

[Starmix]

I was using a checking account in the past when I hold local concerts. I paid my local talents through a check to let them save. They need to spend their hard earned money wisely. If cash they spend it right away and money disappears like smoke.

 

[jetsaints30]

Yeah I use a checking account for my business it helps me keep track of my finances and makes it easier to pay bills and make transactions.

 

[cherry123]

Whichever way It is important for a business to have a checking account when starting a business. you can easily store your money In fact, it is safer this way

 

[Starmix]

My checking account is closed. I closed it intentionally. My business now does not need a checking account but savings. I prefer savings and if there is a bill to pay, I pay in cash.

 

[cherry123]

one need to have a checking account when running a business. it is safer this way than having your business money kept in your shop or house to avoid misplacing it

 

[Starmix]

The sales from my milk tea business are deposited in the bank daily. It is not good to keep or bring the sales of my business at home because of robbery.

 

[uptrendfinancialsignal]

There is no big deal is using a current account that has cheques attached . It makes work and monetary transactions much more easier.

 

[Heatman]

I used a checking account on my business years ago when I promoted local talents in our region, but I was in dismay when someone paid me back using her checking account which bounces. I reported her to the bank and reported to the police. The amount she owed me was 38,000. She was charged with estafa. I used a checking account because it is the most versatile and widely used form of deposit account. We can put money directly on the check and withdraw any time we want. What abut you? Do you use a checking account in your business or not?

This is why you have to be very careful with the kind of payment system that you allowed in your business because some of them will be of a negative effect in your business. It's why some people don't use PayPal too because of charge backs.