Accepting Checks - Paper and Electronic
Accepting checks in your place of business has always been a risk unless you knew your customer and they have purchase with a check before. Because of the risk, Check Verification came into being and the risk was reduced. The down side to this service was that it was time consuming and a bit of an inconvenience to the customer paying by check as well as those customers in the line behind. The good news is that Check verification is not the headache and hassle it used to be. If you have stopped accepting checks because of the difficulty in processing them or because of the risk of bounced checks, you may want to look into the new payment processing solutions that are available now.
The technology has improved considerably where in some cases the consumer need not even fill in the check, they simply hand the blank check to the cashier and the sale is processed with the voided check returned to the customer. Check verification is not the hit-and-miss game it used to be. Whether the customer is paying via phone, mail, e-mail, or online, verifying the checks has never been easier. It is much harder to pass bad checks off on unsuspecting merchants than it used to be, thanks to several safeguards that have been put into place.
For electronic checks, the customer will need to give you the routing number on the actual check. When you have the customer's actual check in hand, you can verify the account information for yourself. The best systems allow you to verify bank accounts in real-time, assuring that you will not be left holding a worthless check.
There are some great online payment systems available today. In addition to looking for one that allows real-time check verification, there are some other things to look out for. Make sure the system provides SSL encryption in all of its transactions and other anti-fraud tools. You want your payment processing to be as secure and state-of-the-art as possible, for the sake of both you and your customers.
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