Some people say that technology has made businesses more complex. But no one cannot but accept the fact that technology has made life easier in many ways. There was a time when merchants had to wait for days for receiving check payments from their customers. And even then they didn’t know whether the check would be honored by their customers’ banks or not. But this can be totally avoided now thanks to the concept of virtual check and check verification services.
Some people say that technology has made businesses more complex. But no one cannot but accept the fact that technology has made life easier in many ways. There was a time when merchants had to wait for days for receiving check payments from their customers. And even then they didn’t know whether the check would be honored by their customers’ banks or not. But this can be totally avoided now thanks to the concept of virtual check and check verification services.
A virtual check is a fantastic payment mode that benefits both the merchant and their customers. Say you are a merchant and you are expecting a check from one of your customers. You need not wait for them to mail the check so that you can receive it via post. Your customer fills up a totally secure online payment form where they enter the details of the check. There is a system in place that produces an instant receipt for them and also sends an email to them as well as to you. The payment is processed on the back end through a check verification process and then a check draft is deposited into your back account the same day.
The biggest advantage of a virtual check is that it saves time and money. The customer can make an instant payment and you can receive the check instantly. But does this guarantee that the check will be honored? This is where the check verification services come into play.
People that provide check verification services are connected to nationwide databases that offer the most updated records of all the checks issued by different consumers. So, if one of your customers has a history of issuing checks that are not honored, you are notified about them instantly. The verification process can stop your bad check losses by up to 85%. All it takes for these check verification services is 8 seconds to tell you whether you are dealing with a repeat offender or not.
Most merchants don’t rely on check verification services. But think about it… data shows that for every single dollar you spend on check verification services you can save $15 in losses arising from dishonored checks. Bounced checks not only stop your payment and cause you loss of time, your bank also charges you as the merchant a return fee of up to $35
If you want to improve the cash flow into your business then it makes total sense to invest in the virtual check mode and in check verification services. There are many providers of these services all over the country and some of them are really good at these. Contact them today and they will be more than happy to offer you the best of their solutions.
You can use a virtual check http://www.virtualcheck.com to ensure that you can accept payments from your customers using electronic modes. And with check verification services http://www.virtualcheck.com/index.php/check-verification you can rest assured that no unwanted penalties will need to be paid due to bounced checks.