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The Importance of Check Verification

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- "At Payments Gateway we understand how critical payments are to any organization, which drives us to develop and continually evolve one the most popular and innovative payment processing solutions on the market. Payments Gateway provides organizations of all types and sizes a flexible, reliable and cost effective tool for automating and managing their payment processing functions. The role of Payments Gateway continues to expand as we strive to provide customers with first-class performance and reliability, secure and compliant payments, adaptive technologies, a broad array of solutions including a complete range of payment types, and competitive transparent pricing with no surprises. – PowerPoint PPT presentation

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Title: The Importance of Check Verification


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The Importance of Check Verification
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Check verification is a system that helps to
verify the authenticity of the actual check
presented or the ability to check on the account
holders history whether its individual or
business and recurring payment is a scheduled
payment where a consumer has to pay his or her
debt on a regular basis. For example, mortgage,
insurance or pension benefits.   Although, check
verification is clearly the best service
assistant for business these days,   Merchants
still wishing in the coming future for a real
time check verification method, because its
important for them to know if their buyers can
cover up the cost. Like that of a debit card
which immediately can transfer funds when
verified.
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So until then we have to consider a few check
verification options for security and for better
business transactions.   Most businesses decline
to accept check payments to avoid such task of
writing deposit slips and going to the bank even
the check is good and most of all to avoid
receiving bounced checks. Because merchants cant
easily go through check verification they rather
not allow accepting check payments to make their
payment transaction hassle free.   Although, a
reality check this principle has a negative set
back for merchants because it can lower their
chance to make a sell. Not all consumers have the
ability for cash payments or even to transact
with credit cards so they rather settle for check
payments.
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Now, for business that permits check receivables
they too have options to take considerations.   Ac
cepting checks without verification is like
putting yourself in a situation of expecting to
receive bad or bounced checks. And worst of all
merchants cant do anything but to invest a big
amount of time and effort to pull through or
recovering the bad check by directly addressing
their customer about the check scenario or better
yet hiring a collection agency to do the work for
them.   To keep away from having a bad business
day ever again merchants should accept checks
that went through check verification. Even though
we can not guarantee if theres enough fund to
cover up the cost right away, it can reduce
satisfactorily the risk of accepting bad or
bounced checks.
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Strategically, in order to develop good
relationships between merchant and consumer, most
business offer light payment options, installment
plan or billing schedule. This payment process
can make consumer to consider the offer and
automatically enrolled them in recurring payment
system.   A common recurring payment set up is
like that of getting a communication line
subscription plan. The consumer will make a down
payment and the network company will bill them
each month for a certain amount to continue to
enjoy the network service until the subscription
contract is ended.   However to make recurring
payment runs smoothly merchants should take vital
guidelines to process the whole recurring payment
system.
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? asked your customer the most convenient date
and time for them to pay. ? asked your customer
their full name, contact number and billing
address ? give your customer contact number where
they can address their concerns ? allow your
customer to pay aside from cash in checks or
credit cards ? show your customer how their
statement of account will appear and specify the
Amount to charge. ? sign an agreement between you
and your customer about the payment transaction ?
make known about your cancellation requirement if
your customer wish to stop the Subscription in
the future.
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