We only accept Paypal and credit card payments, accepting checks is simply too risky. We do however, occasionally accept money orders/wire transfers for customers without access to our payment options.
We only accept checks from our business clients with the understanding that if the check bounces, their services are terminated immediately until alternate payment has been made. If it is a new business customer, their services are not activated until the check clears the bank, usually 7-10 business days. Most of our business clients understand this and do not make much of a fuss.
We also contact the bank that the check is issued on and confirm the account exists and there is sufficient funds to cover the check. To date we have had no problems.
Well there is nothing wrong in accepting the payments throush checks or MOs but still I would put a condition of 'all set up process will start after receiving payment'.