One needs to accept that checks still are an integral part of any business. But with increasing reliance on online payments, people are focusing less on this method of payment. Also, hackers are there who keep an eye on people’s bank account. Also, a business account involves money and employee identification number. Hence, many business owners prefer to maintain an all-cash business.
Sometimes it happens that a business owner has closed his business account. But at the same time, he may receive a check for his business. If a person is the sole owner of his business, then he must be having a personal account. It is more likely that your customers will make a check-in your name.
In case a person has a corporate or LLC, it becomes all the more difficult to receive checks. The customers will send the check in the name of the business. If he does not have an account, it will be quite difficult for him.
Certain ways can help such business owners in cashing the checks they receive. Certainly, there are different choices depending on the situation. But still, the best option is to have a business account. But often, maintaining a business account is not possible for new business owners.
But at the same time, it is equally necessary to keep cash flowing in, for maintaining the operations of the business. One cannot keep waiting for the right time to cash the checking account. In case a business owner operates an LLC or corporation, he/she can go to the bank or any other financial institution for cashing his check. But he/she needs to pay a fee in return.
Check Cashing is Possible Even When There is No Business Bank Account
In case one does not wish to open a bank account, what are the ways for cashing the checks? Let us see:
- Walmart and other retail stores: Most of the Walmart retail locations offer services related to check-cashing. A business owner can present his business check to the Service Desk or Money Centre. But such a facility is not available in all the states. They will charge a fee for providing this facility. Also, a business owner can get the money in cash or even in Walmart Money Card. If anyone wants a Money Card, then he has to pay some additional fees.
- Specific money centers: they will cash your business checks. Different factors will decide the chargeable fees. A business owner needs to submit an application for getting approval. But they can even refuse to cash your check. The more the amount of risk involved with the check, the higher is the amount of chargeable fees.
- Banks that issue checks: This is the most suitable option for a business owner who does not have a bank account. He simply needs to visit the bank that has issued the check. They will verify the legitimacy of the check. Also, they will charge a fee. But in return, the business owner will get the cash.
- Cash checking focused stores: Many check cashing establishments offer cash in return for the check. But they show some amount of leniency when they get business checks. The leniency is in terms of safety measures that they use to identify any case of forgery or fraud. A check cashing store on Atlantic Blvd will always analyze each and every check to identify potential risks.
Thus, if a business owner does not have a business account, he can resort to these options.