Paper Checks as a Transfer Method
According to the Federal Reserve, in the third quarter of 2019, there was an average daily volume of 16.9 million commercial checks collected in the United States, with an average daily value of US$32.1 billion.
Paper checks, although in steep decline, are still a popular transfer option for Gen X and Baby Boomers payee demographics. Many payees in this age group are still unfamiliar with new payment technologies and prefer the familiarity of old-fashioned paper checks. What’s more, checks remain a popular transfer method for payees that prefer to leave an audit trail, or who prefer to do their banking in person, rather than using mobile banking apps and services.
How Paper Checks Work
Paper checks can be enabled as a transfer method for payees located in the US in USD only. Once requested, checks are issued to the address that is listed on the payee’s account. It normally takes 6 to 8 business days for payees to receive their check. The customization of the check is limited to your logo, and they are printed in black and white.
Paper checks are offered as an optional payout method; if you would like to enable them as part of an existing payout program, please contact your Hyperwallet Client Care manager.
Offer Paper Checks As a Transfer Method to Your Payees
If your Hyperwallet payout solution features a Pay Portal Payee Experience, checks will appear as a payout option on the Transfer Method screen. Have a look at Hyperwallet’s Checks transfer method documentation to learn more about integrating this popular transfer method.
Provide your payees with a tried and true payout option and an alternative to new digital methods. Contact a Hyperwallet Payout Solution Expert today for more information and pricing details.