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5 Businesses That Count on Check Guarantee Services

Posted by Kris Coughtry | Thu, Mar 08, 2012 @ 04:12 PM

bought a carJust about any business that accepts checks can benefit by putting a check approval service in place. A check guarantee service is an affordable way to accept checks with no risk. Services such as electronic check processing offer time-saving features such as "desktop" deposit through a PC.

There are some businesses, though, where check services can play an important part in maximizing profitability and increasing customer service along with saving time, money and headaches.

Here are five business types that can benefit greatly by saying "Yes" to check guarantee.

1. Auto Dealerships. Check guarantee services have been utilized by car dealers for years, providing assurance on large ticket checks written for the purchase of new vehicles. Dealerships can now put a remote deposit capture service in place that enables them to deposit checks without a trip to the bank and deposit funds from many locations into one main account. For businesses that don't need to deposit cash on a daily basis, RDC can mean more timely deposits and can eliminate the expense of sending staff to the bank for just a few checks. (For more information on the benefits of RDC, check out our white paper.)

2. Home Furnishings and Appliances. Whether purchasing a brand new bedroom set or a replacement for the washer and dryer that no longer work, either way, customers like having a payment option such as Multiple Check. Home stores can use Multiple Check to give their customers extra days to pay by check, but still have the option to take the purchase home that day. Checks are deposited according to a schedule agreed upon by the customer and the store and are covered by the check guarantee warranty. RDC services with this feature will automatically deposit the checks on future dates. Stores that offer this service will increase sales from customers who prefer to pay by check.

3. Building Supply. Check service enhancements such as a Multiple Check and a COD check program make lots of sense for building supply businesses and give the customer an opportunity to pay by check instead of credit card or cash, even on deliveries. Check services can guarantee business checks, too, which is important for building supply and home improvement stores that deal with contractors and decorators.

4. Auto Repair. Repair shops are a good example of a business that can use a check service to assist their customers. Customers facing unexpected repairs can use a Multiple Check service to pay over a period of time, without racking up high credit card interest or depleting savings. Auto repair shops also may benefit by protection on Stop Payment checks, which happen occasionally, even for reputable businesses. It can be costly and challenging to collect on these kinds of check returns. A check service with this protection in place can help recover funds that might be lost otherwise.
 
5. Veterinary. Pet hospitals and veterinary offices also experience Payment checks when pet care is completed and the bill is disputed. On the positive side, Multiple Check programs let pet owners pay by check over time for costly procedures and emergency care. Checks are a widely used payment method for medical care, whether the care is for people or pets.

Of course, all businesses have their own unique needs and priorities. But one thing that remains constant, whether you're part of a multi-location car dealership or a small retail shop, is a need to stay profitable. Check services can help no matter what your business type is.

For more information on how a check service can maximize profits at your business, or which check program is right for you, get a free consultation.                                         

Check Guarantee Insider's Guide

Topics: Home Furnishings, Veterinarians, Building Materials, Auto Aftermarket, Auto Dealerships, Check Guarantee

Written by Kris Coughtry