Though credit and debit cards are surging in popularity, checks have not lost their consumer fan base. Even in the Digital Age, many customers still prefer to write checks, and merchants who refuse to accept them turn away valuable business. However, check acceptance has its costs. Checks must be verified, reconciled, deposited at a bank and then processed. This usually means several days or weeks before the funds are available. Merchants must be careful in their choice to accept checks or decide if the added consumers are worth the hassle of check verification and the risk of fraud and hot checks.
Hot checks are an increasing problem in the U.S. and across the globe. Every year, millions of dollars are stolen from businesses by thieves whose weapons-of-choice are hot checks. Theft by worthless or “hot checks” gives the offender several weeks before the crime is detected. Because of this, the offender has a head-start on authorities and become harder to catch. Often, because of this lapse in time, merchants are left to deal with the money lost to hot checks.
To help merchants combat hot checks, companies have developed new technology that give peace-of-mind while defending against check fraud. The TeleCheck® ECA® Warranty Credit Card Merchant Service offers merchants a trustworthy option for check acceptance. The Credit Card Merchant Service converts paper checks into electronic transactions, similar to credit card processing, at the point-of-sale. A system network is then used to process the transaction and, within two businesses days, funds are placed in the merchant’s account. TeleCheck also offers to manage the entire collection process if a check is returned. This gives merchants more time to focus on their customers and business.
TeleCheck services incorporate authorization, settlement, and collection processes into one simple system. It combines the industry’s most refined check acceptance system with a warranty service option for peace-of-mind over returned and hot checks. The TeleCheck ECA Warranty service allows you to accept checks easily, efficiently and safely. Merchants benefit from lowered operating expenses, reduced bank fees, and improved cash flow by way of faster fund transfers. And with the Warranty service, returned check processing and collections can be managed by TeleCheck.
TeleCheck allows merchants to accept more checks with minimal risk, streamline back office operations, and limit liability for fraudulent, returned, and hot checks. The service can also offer greater security for your customers by reducing the likelihood of identity-theft, keeping accurate records, and making balancing with checks quicker and easier. Customers will appreciate the extra mile, while you will benefit from the security TeleCheck offers.
Veritrans offers the TeleCheck solutions system and other custom services designed especially for your business. With TeleCheck through Veritrans, your business will receive courteous and helpful check writer support, faster funding, simpler reconciliation, and access to an extensive check writer activity databases for current check writer information. These features and more will remove your fear of hot checks. Veritrans is dedicated to their customers and will analyze any business free-of-charge and recommend products and solutions to best fit each business model. Veritrans won’t sell their clients on products or services they don’t need, until they need them. As you business grows, Veritrans be there with quick, reliable solutions to keep your business growing. Call them toll–free for more information at 1(866)474-4144.
Article Directory: http://www.articletrunk.com
Brigette Botkin. Hot Checks bogging down your business and ruining your profits? Then come to Veritrans for an affordable solution!
Please Rate this Article
Not yet Rated