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Check Processing & Payments Information

5 Verification Checks that Reduce Personal and Business Risk

Posted by Genevieve LaBadie | Tue, Mar 18, 2014 @ 10:00 AM

Check Verification MachinesPutting out that “We’re Open” sign is the first of many risks you’ll take as a business owner. In fact, you could even call it “Risky Business.” What’s even riskier is to turn down opportunities because you fear the negative associations with risk itself. Think about it: Every day is pretty risky. You take chances every minute of the day and it can often feel like you’re flying blind. Fortunately, in almost every aspect of life where there’s risk, there are verification systems available to bring you more peace of mind. Take a chance on the following suggestions to mitigate risk – we promise a reward at the end!

Who Will Really Be at the Door?

Online dating has become so mainstream, it’s lost its stigma. Everyone’s doing it, with websites catering to everything from general dating (casting a wide net on the Net!) to specific searches for vegan cat lovers who collect sea glass. While some dating websites are more rigorous with their applicant safety precautions than others, one thing is guaranteed: no site can catch every single dishonest suitor. However, there are ways you can do your own online verification before you accept that date. By searching social media profiles, using third-party verification companies such as NETIDME, or even Googling, you can feel more confident about whom you are communicating with. You can reduce that blind-first-date anxiety.

Is He Hiding Those Red Hands?

A promising employee may have a resume full of relevant experience and even be memorable during the interview, but how do you know that he’s being honest? How would you know if you caught someone red-handed if you can’t see his hands? Many businesses run a background check on new hires, whether through an established verification company or on their own through companies like Employment Screening Resources. While not all employees with criminal backgrounds are still criminals (there’s always the idea of giving someone the benefit of the doubt or a second chance), doing your own verification pre-hire can eliminate the risk of nasty surprises once someone’s on your payroll.

Will They Pay the Rent?

Getting stuck with residents who are delinquent on rent payments is the worst. Not only are you not getting paid, but it can be very difficult to evict people once they take up residence. Some landlords require applicants to disclose their annual incomes prior to offering a contract to sign, to determine whether they’ll be capable of making the monthly payments. One way that some proprietors take a step to reduce risk is to search sites such as Rental History Report, which provide information on a prospective renter’s previous rental history, credit information and fraud protection, and references from prior landlords.

Will She Drive Away with Your Payment?

A new car is one of the biggest purchases people will make, and therefore one of the biggest financial risks on both sides of the equation. Before you let that piece of inventory leave your lot, it can ease a worried mind to run a credit check. You’ll be able to view the potential car buyer’s past payment history, take note of past problems such as bankruptcies and lawsuits, and determine the state of the applicant’s debt history. Companies such as Experian and Equifax provide relatively quick credit checks and lots of peace of mind.

Is that Paper Good?

People are not always honest or reliable. If you want to remain open for business, you have to take a chance, but you can do so with more confidence using the verification systems available to us today. And when you want to reduce the risk of accepting checks at your business, there’s a verification process for that, too. Check verification and guarantee give merchants a recommendation on whether your prospective check writer will be able to fund his payments. You then have the opportunity to accept checks with more confidence and turn a risky business into a brisk one. Start here with our free on-demand webinar about check verification and how it compares to check guarantee. In minutes you'll have a solid idea as to which service will best benefit your business.

 

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Written by Genevieve LaBadie