Check Connection - Verifications

Verifications

The key to reducing losses lies not only in great collections. Check verification prevents you from accepting many high-risk, stolen, altered and counterfeit checks at the point of sale.

How many people that are writing bad checks to your store are also writing them to other stores? Just about all of them. Can you see the advantage of electronically sharing this information with other merchants?

When a customer has an outstanding check with any of the merchants on the check verification system, the information is used to prevent that customer from writing checks to others on the system. This means you greatly reduce the number of returned checks to your business. It also means if a check writer has a returned check to your business they may find it very difficult to buy their gas, groceries, or go to restaurants and other retailers. To restore their check writing privileges they must first pay your check. The more merchants on the system the better it is for everyone.

Check verification provides a necessary fraud prevention tool. If you have a chain of stores in a community, you've probably seen what happens when someone steals someone's checkbook. They pass as many checks as they can, as fast as they can going from store-to-store.

If you're a grocer they're stocking up on meat, seafood, cigarettes, alcohol, baby food, diapers - things they can use themselves or resell to others. They may even write the check for cash over. The thief knows they have a few days to write these checks. It would not be unusual for them to write an entire book of 25 checks to your stores in just a few days - almost all of them $100-$200 each! If they steal an entire box of checks from someone's mailbox the count could be much higher. Grocers work on a very tight profit margin. How many carts full of groceries would it take to offset several thousand dollars worth of worthless checks?

If your chain of convenience stores has ever had a stack of 30-40 returned checks from the same account written to your stores for gas, beer and cigarettes you know the rest of the story. Thirty checks - thirty different phone numbers - thirty different driver's license numbers. All these were passed in about four days to several of your stores. Your clerks are trained to do their jobs, but the fraud artist always comes in during peak traffic times and takes off after writing the check. They rush the clerk and put all the needed information on the check so the clerk won't be as likely to ask for it. It is very unlikely you will ever recover any of this money. Wouldn't it be better to have limited the loss to only a few checks from this account?

Check Connection goes beyond just simply giving an "Accept" or "Reject" response during the verification. Our negative database system uses velocity that tracks a combination of variables. For example, your stores can be set up to allow your customers to write two checks a day, or seven checks a week, or both, cumulative from all your stores. You may also limit the amount of money they spend in your stores during the same time periods. The configuration will depend on what you feel is the best for your business. This velocity control ties all your stores together electronically - the bad check writer can't simply go to another one of your stores and write more bogus checks. The verification will let your clerks know when the customer has exceeded the pre-determined limits.

This means that instead of the grocer receiving several thousand dollars worth of worthless checks in a week from the same account, they may only receive about five or six checks. Losses are reduced immediately - you AVOID the problem rather than having to deal with the problem. This important feature is included in our free verification system.

Verification can be accomplished through a variety of terminals. We support Verifone terminals and IVI/Ingenico Check Manager 3000 units.

Magtek check readers interface with the Verifone terminals, and deliver accurate, fast and reliable check verification.

How many times have you seen returned checks where the account number was altered? Threes turned in to eights, fours changed to nines with the stroke of a pen. Your eyes may not catch the change, but the check reader can't be fooled. Because it reads the magnetic ink only, the actual account number will be verified - not the altered number.

The use of check readers has never been more important then it is today. Counterfeit checks have never looked better, and the frequency these are passed is at an alarming rate. Industry analysts estimate that the total amount of counterfeit check fraud is now $10 billion in the United States alone.

Check readers will identify those counterfeit checks, and you will not be their next victim. The cost of even one counterfeit check, which you will never collect, is usually much higher than the cost of several quality check readers. If your grocery store cashes payroll checks you cannot afford to be without check readers.

Check readers completely eliminate operator error from incorrectly reading the account number and manually entering the string into a verification terminal. Even new employees will now verify checks correctly every time. Check readers quickly pay for themselves many times over. Check Connection is able to provide either new or refurbished units for your business.

Contact us at sales@checkconnection.biz for more information

[ services ] [ verifications ] [ how it works ] [ questions ] [ check guarantee ] [ check tips ] [ flyer ] [ sales reps ] [ contact us ]