Returned checks have been a domestic problem ever since checks were introduced in the U.S. by Boston businessmen circa 1681. Solutions vary, including pitches for “free online check verification” or “how to verify funds on a check before it bounces.” The bottom line, however, is that free check verification is as much of a myth as the proverbial free lunch or snake-oil elixirs.
The cure, of course, is to contract a check verification and guarantee service provider.
Acknowledging this fact, there are four general types of merchants who have or need check processing services:
- Merchants with check verification or guarantee.
- Merchants who don’t have check processing services.
- Merchants who want to accept check payments.
- Merchants with a returned check problem.
Each of their stories is compelling, and each category has valid reasons for functioning with or without check processing services. The variables and outcomes are explored here.Read More