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The Importance of Check Verification

http://www.paymentsgateway.com/ - "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. From credit cards to electronic checks, point-of-sale to the Internet, or payments via phone or fax, Payments Gateway is the only payment processor your business will ever need. Organizations can work directly with Payments Gateway and join the thousands of satisfied customers throughout North America which depend on Payments Gateway to process millions of transactions each and every month."

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The Importance of Check Verification

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  1. The Importance of Check Verification

  2. Check verification is a system that helps to verify the authenticity of the actual check presented or the ability to check on the account holder’s history whether it’s 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 it’s 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.

  3. 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 can’t 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.

  4. Now, for business that permits check receivables they too have options to take considerations. Accepting checks without verification is like putting yourself in a situation of expecting to receive bad or bounced checks. And worst of all merchants can’t 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 there’s enough fund to cover up the cost right away, it can reduce satisfactorily the risk of accepting bad or bounced checks.

  5. 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.

  6. → 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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