Preheat oven to 375°F (190°C) and line a baking sheet with parchment paper.
Prepare the bread by trimming crusts if desired, and cutting each slice in half or quarters.
Make the cheese topping: In a bowl, mix shredded cheddar with butter and mayonnaise until combined.
Spread the topping evenly over each bread piece.
Sprinkle paprika lightly over the top for color and flavor, if desired.
Bake for 8–10 minutes, or until the cheese is melted and slightly golden.
Serve warm for the best flavor and texture.