If you’re reading this, you know just how important it is to accept many types of payment because you never want to say “no” to a customer. This is exponentially important for purchases greater than $100 because checks are used for 1 out of 5 of those transactions.Read More
Choosing Vendors Wisely
The Cost of One Bad Check
How can a vendor help your business? If you’re like most owners and managers, you reflexively answer “reduce cost,” but then all sorts of caveats start to arise in your mind because you’ve hired cheap vendors before and you’ve probably lost a small fortune to their errors and failures.
After 30 years in the check processing industry we have certainly seen many trends come and go. Just 10 years ago who would have thought that customers would swipe their “smart” phone over a payment terminal to complete a transaction? Back then nobody knew what smart phones were, let alone the still-nascent Near Field Communications (NFC) technology.
According to Fraud.org, checks were targeted as the most prevalent vehicle in 2013, accounting for 23% of all gamuts. They can happen in your store or online and can burn your profits, give you headaches, and cause you to waste time recovering what is rightfully yours – payment for goods and services. They’re not all as obvious as the notorious Nigerian check, and some are downright clever.