Electronic Check Verification for Your Business

The biggest problem with accepting payments by check for your business is fraud. If you do accept paper checks, then it’s necessary to have a form of electronic check verification so you can spot a fraudulent check before you accept it. Save your business time and money with an electronic verification system for check payments.

Verification for All Check Payments
If you want on-site, real time check verification for all of your check payments, then you will need the right equipment. You will either need a point of sale terminal that is also able to scan and verify checks, or you will need a separate terminal specifically for paper checks. Before you buy an electronic verification terminal, make sure your merchant account provider is capable of verifying and processing checks. Once you have the terminal, all you have to do is simply scan the check with the terminal. It will send the banking information to the merchant account provider for approval within seconds. You’ll know right away if the check is good or if you should decline it.

Electronic Check Payments
Another benefit to processing checks electronically is electronic check conversion. Once the check is approved, some merchant account providers actually allow you to process the payment electronically as well. This means no longer gathering all of your paper checks at the end of the day and depositing them with the bank in order to get paid. Much like a credit card, you can process the payment at the same time that you are verifying it.

How Electronic Check Conversion Works
Instead of using a credit card number for verification and, ultimately, payment, merchant account providers use the checking account number and the bank routing number found on the check to verify funds and to get the money for the payment. Your business becomes less susceptible to fraud and you can get paid much faster. You also keep your customers happy by offering them a fast and efficient way to accept checks. You can even take check processing a step further and make the whole process electronic, or even automatic, by eliminating paper checks entirely. All you need is the authorization of your customer to use their checking account number and their bank routing number to transfer funds from their checking account to yours. It’s easy for you and it’s easy for your customers.

Electronic check verification is just the first step in processing checks without the hassle of fraud and dealing with the actual paper checks. Receive and process check payments more efficiently by doing it all electronically.