Check Verification Services -
What are check verification
How check verification services
does BetterCheck offer?
Can check verification services actually save money and stop bad
Check verification services can be confusing because there are so
many check verification companies, and services that it is difficult
Most check verification
services have their own information. Some use negative databases,
others use retail network records, and others have proprietary data
that is independently obtained.
BetterCheck is a check verification service
that uses the actual account data from the issuing bank as of the
beginning of the business banking day.
What does that mean? It means that rather than base the decision to
accept or decline a check from your customer because of a bad check
problem they had in the past, you can instead base the decision on
the current account status.
Some check verification systems won't approve a customer just
because they have not written checks through their network before.
This could cause you to turn away a customer with a good payment.
When evaluating check verification services,
you should look at how many checks you accept per month and what you
bounced check percentage is. If you know this information, you
are one step ahead.
In most retail settings, a 1% bounce check
percentage is considered average. Having a bounce check percentage
under 1% is exceptional.
So what if you have a bounced check percentage that is 2% or higher?
Over 2% bounces is considered excessive, and your bank may start to
take more action than just charging fees to your account if you
cross that line.
BetterCheck is designed to reduce your bounced check percentage by
50% or more. This means if you have a bounced check rate around 3%
you can expect this to dip to 1.5% or less just by starting to use a
check verification service.
If you have a new business and a high bounce
rate, you will want to closely examine your overall check acceptance
procedure as there are key factors you can note that will
drastically reduce the number of bad checks you deposit.
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