The Federal Reserve's 2007 study of what makes up the check market shows that nearly 50% of checks that are written are consumer to business checks.
According to the Federal Reserve the highest percentage of check writers are consumers at 58% while the highest percent of check receivers are businesses at 72%.
42% of checks were ineligible which means they had no signature, checks greater than $25,000 and checks from businesses and the government.
Do you have a policy for accepting checks? If you don't, you should. Now that you are aware that business owners receive most of the checks written, make sure you have a check policy in place so your employees know what to do when someone pays with a check, how they can verify the check is real, how they can take steps to make sure it will clear and what they can do if a check is returned.
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