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.
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
||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
||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.
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.
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 firstname.lastname@example.org
for more information
Copyright 2003 - Check Connection - All Rights