Believe it or not, but more than 20% of payments in the U.S. are made by check. While this form of payment is decreasing, it probably will never go away completely. To ensure that your company is getting their funds, and to reduce the chances of losing money because of bad checks, you need online check verification.
Read on to discover what you need to look for when it comes to this invaluable service to save your company stress, frustration, and loss of funds.
Finding the Right Check Verification Service
There are ways to ensure that the checks you receive are legitimate. But this requires calling the issuing bank or taking the check directly to the financial institution.
If your business receives numerous checks a day and some of them come from out of town or out of state, calling or taking them to the issuing bank isn’t helpful.
That’s when working with a check verification service, such as SeamlessChex, can work to your benefit.
There are many different places online that can help you verify if a check is good or if it will bounce. Some even offer free services, while others require you to pay a fee. When it comes to finding the right service for your business, there are some things you’ll want to look for.
A Database of Bad Checks
When looking for the right check verification system, you’ll want to ensure that they have a large database they can consult before you accept the check.
Knowing beforehand that the check won’t clear can save you a lot of steps and frustration down the road.
A good check verification service provider will have lists of people who constantly bounce checks. They may even be able to tell if the account has been closed. Having this information ensures that you get your money. This can reduce a lot of stress and time spent dealing with collection agencies.
An Online Check Verification Guarantee
Another trait you should look for when it comes to working with a reliable check verification service is that they guarantee their research.
This means that if they research a particular individual and their account, and the check bounces, they’ll pay you so that you don’t have to eat the loss. Not only does this ensure that you get your money, but it inspires the verification service to be diligent when it comes to verifying checking accounts.
Take the Necessary Steps
Unfortunately, it’s impossible to only have good checks come into your business.
Even people with good intentions who follow the rules can make mistakes and miscalculate the funds they have available in their account.
Some of the best AHS payment tips to reduce this from happening include the following:
- Put a plan in place to deal with bad checks
- Make sure you have the most recent contact information from customers
- Work with an online check verification system
At upgifs.com, we do what we can to ensure that your business has the best information. Make sure to visit often for information to ensure that your business doesn’t lose money from bad checks or for other advice to help your business succeed.