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Check Processing & Payments Information

Controllers: Don't Believe the Free Check Verification Hype!

Posted by Heather Brautman | Tue, Oct 22, 2013 @ 10:36 AM

Free1Controllers – are your top-line managers asking you to find additional payment options to make available to your customers? Great! The more ways people can pay, the more revenue your company may see. Are they asking you to secure these methods for free? Not so great. We developed this FAQ to dispel the “free check verification” hype.

Q: What exactly is check verification?

A: In a word, protection. It’s a way of ensuring that you’re going to be able to receive the money for your company’s product or service. There’s no way to look at a check and know whether the writer has enough money to cover it in his account or if the check itself is valid. Until the industry comes up with an X-ray or a special eyeball-psychic connection, merchants are going to need a way to protect themselves and their livelihoods.

Q: What is a check verification company?

A: Check verification companies provide authorization information to reduce the likelihood of returned checks and take the worry out of accepting checks at the point of sale. These companies provide merchants a way to use the telephone, internet, or a desktop terminal and get an answer on check validity in seconds. No wait, little to no loss from bounced checks.

Q: What is free check verification?

A: Free check verification is a search-snag term. Something that folks type into a search engine and get trapped into, thinking it’s real, and then in some cases, are transferred to a bait-and-switch website. Your CEO, GM, COO, or other executive may instruct you to seek something like this out because he’s heard it exists. It's sort of like one of those "There's no such thing as a free lunch" mottos. Almost always, there's something associated with that free lunch, even if it's in really small, fine print type. Buyer beware, do your due diligence.

Q: Why do non-merchants search for free check verification?

A: Lots of people receive checks outside the business world. Maybe you sold something on Craigslist, took payment for rent, accepted dues for a club membership, run a side craft business. Some check recipients already know in advance that their payees have prior payment problems. Other times, check recipients just want to be ultra careful. Controllers may have an inside view of the financial activities of their businesses, but a single bad check for one of your activities outside the office can be devastating.

Q: So you’re saying I shouldn’t be careful?

A: Not at all! We applaud everyone taking steps to ensure financial success, as well as fiscal responsibility. That’s the number-one reason why check verification companies are in business.

Q: Why should I pay for check verification services or recommend them to my company?

A: Just as you pay for other commodities, such as rent, insurance, and expedited shipping, you’re paying for the service of assuring your business’ continued success. A check verification company lets you grow your sales and revenue because you broaden your customer base to include customers who prefer to write checks as payment. Your organization gets to accept more checks with greater peace of mind.

Q: What else separates a paid company from a free check verification company?

A: Well, reality, for one thing. Because those free check verification companies really don’t exist. How could they pay for their verification equipment, reimburse your company if it experiences losses, and train the customer service people who get your account up and running and answer inquiries? That’s right – a good check verification company will provide your company 24/7/365 customer support at no additional charge. That’s weekends, holidays, and odd hours that you might be open for business and want to get some help.

Q: So there’s really no free check verification services at all?

A: Well, you may actually be in luck. We’ve held off the best news for last. Despite everything we’ve just said, you can get something for nothing. Take advantage while you can of our free insider’s guide to check verification services. It’s absolutely free, just a download away, and will educate you a little bit more on check verification and everything involved. A FAQ can’t be 100% comprehensive, but our guide goes into far more detail (but don’t worry, it’s not techie talk). We encourage you to educate yourself every way you can so you don’t get trapped into any free check verification scams. Start here:

Check Verification Insider's Guide

 

Topics: Check Verification

Written by Heather Brautman