Self-Inking Deposit Stamps and Why You Need Them

“Having a Self-Inking Deposit stamp that never requires an ink pad allows you to spend less time organizing cheques and looking for lost payments, and more time focusing on the important business tasks at hand.”

When your company receives cheques in the mail from customers, what typically happens to them?  A lot of Canadian companies put them in a drawer or in a pile on a desk.  There they sit and the person responsible waits until there is a sufficient quantity of cheques to make a bank deposit.  Then the cheques may or may not be stamped with a “Deposit To The Account Of”, along with the bank account number.

When business cheques are accumulating in a desk drawer or on a desk, they are susceptible to theft and ultimately could be deposited to someone else’s account. The thief can simply stamp the back or handwrite the bank account of their choice and deposit them to their own bank account.  Even if they are checked thoroughly at the bank, by the time the deposit is noticed, it could be too late to reverse the transaction.  This means you may be responsible for some or all of the fraudulent deposit.

Here is where the Self-inking Deposit stamp comes into play. An online Canadian cheque provider like Cheque Print will produce the stamp with your company name, bank routing and transit number and your bank account number.

As the business cheques are received in your office, simply stamp the back of each cheque and continue to store them where you normally keep them.  Ideally, they should be kept in a locked cabinet or drawer, to keep them safe.  By following this procedure, the cheques will have your deposit information front and centre on the back of the cheque. If they are stolen and someone attempts to deposit them, you will have a legitimate claim with the bank and a way to protect your revenue.