So many customers still pay by check - retailers, lenders, insurers, professional services, not for profits, municipalities and government agencies have no option but to handle the risks as best as they can. They constantly have to worry about checks bouncing, bank fees, and dealing with negative customer experiences. Fortunately, there are solutions available.
A Common Problem
Anxiety about accepting checks is well founded. A Payments Fraud and Control Survey by the Association for Financial Professionals found that 62 percent of companies were targets of payments fraud in 2014 of which 77 percent were from bad checks. The survey concluded, "Checks remain the most-often targeted payment method by those committing fraud attacks."
It's understandable why retailers and other businesses hesitate when a check is offered. They may worry about check fraud, bank fines for accepting bad checks and, worst of all, turning away good customers. Fear of losing money and customers, coupled with the frustration of a time-consuming and risky process for verifying checks, creates an ongoing problem for any business accepting checks.
What's needed is a verification solution that prevents losses by providing accurate information on the status of personal and business bank accounts. Adopting proper check verification procedures can significantly reduce payment risk. Failing to do so creates a competitive disadvantage.
Choosing the Right Solution
There are numerous check verification systems out there, but speed and accuracy are critical. The ideal solution instantly accesses real-time account information on the current status of checking accounts - information that comes directly from the financial institutions. The right solution accomplishes this so fast that the good customer doesn’t even know it’s happening.
The Next Step Towards Peace of Mind
Take a moment to evaluate your current state. Are you confident in your ability to effectively mitigate the risks associated with accepting checks? If you are ready to take the next step towards a greater peace of mind, look for a complete payment risk solutions platform that includes account verification, authentication, and identification. Choose a provider that is easy to work with, offers in-house design and implementation services, and has real-time access to the most account and customer data.
What if accepting checks could be as easy as accepting credit or debit cards? GIACT can make that happen and your customers will love you for it. Let us help you design the right solution and offer a free evaluation. There's no reason not to give it a try. To learn more, please contact us online or call 866-918-2409.