These Are: )CHECK VERIFICATION

Category: Finance.

If you are a merchant with an existing echeck processing service, you learn that receiving paper check payments is a breeze.

In a matter of days, you will soon have the full check amount deposited in your account. Just convert the checks to electronic form and then click" Send" . Under ideal condition, of course. But wait. Meaning, the customer transacts honest business with you and has adequate funds in his checking account. What if the check contains no sufficient fund, or that it is a fraudulent one?

Some are done inadvertently because sometimes the check writer does not know his or her checks no longer have sufficient funds. These things happen daily in the business world, you know. Others are perpetuated by deceitful customers. Protect yourself against such unlikely events by subscribing to additional echeck services. You will incur losses if you are not alert to these unfortunate incidents. These are: )CHECK VERIFICATION. Unknown to you, this particular customer has a history of issuing bad checks.

A customer walks in to your store, and then issues, selects items a check as payment for his purchases. If you don t have check verification service, you would have gladly accepted the check and incur losses. You can then act accordingly based on that alert message. But with check verification service, you run the check into your POS terminal and, in a matter of seconds, you will receive a warning message that this particular checking account has been placed on a red status. Check verification service is basically running a check against a nationwide database of checking accounts. For a very minimal fee, check guarantee is a service where the checks you received are checked against a negative database and thus protect you, against bad and, in real time fraudulent checks. It scans checking accounts and gives warning message against customers that have issued bad checks in the past. )CHECK GUARANTEE.

It offers an extra layer of protection for the merchants. )CHECK COLLECTION. Suppose you have a customer who issues a check payment for you. This is another type of useful echeck processing service. At the moment of writing that check, the customer has enough funds in his checking account. In other words, the check bounces. But when the bank tries to debit the amount, his checking account no longer has sufficient funds. If you have check collection service, the bank will forward the bounced check to your processor.

If you receive any bad checks, your bank will send them to your processor. The processor, will send it, in turn to the collection team who will personally get in touch with the issuer through mails or telephone calls to collect the face amount of the check for you. )CHECK RE- PRESENTMENT. Your echeck processing company will present the check again for two times, or re- present them, to the Automated Clearing House until you get the payment. Merchants will surely gain a lot by subscribing to these extra echeck processing services. The amount is credited to your bank account.