818-208-4882 sales@avpsolutions.com

Each day you must pay a staff to open envelopes and process paper checks. A check is a preferred payment method by many consumers. Processing of these payments is most rewarding when it can be done in a cost effective and efficient manner. Services offered by third party providers are designed to make these goals realistic. Check processing services include collection, conversion, and clearance. Each transaction is submitted to the receiver’s bank for deposit. Any time the issuer and receiver share the same bank, funds are transferred instantaneously. However in most situations, the payee’s bank will not match your own. The financial institution where the deposit was made will have to receive authentication from the issuer’s bank. Once verified, the funds are transferred into your account.

The services offered by a processing provider are very important to your business. Any provider can supply basic services; however, there are four significant services you should seek from your current provider or any you may be considering. An ideal transaction involves the check information being sent, approved, and deposited in a short period of time. Of course this happens if the customer provides honest information and has sufficient funds in their account. What do you do if there are not enough funds or the transaction is fraudulent? Even in the most ideal business situations, these misfortunes can occur. They can be due to clerical error or done with the intention of fraud. Some services offer additional protection and should be a top priority when receiving check assistance from an outside provider.

Check by Phone: Services for Enhanced Transaction Security

Check by phone services should supply verification methods to assist in avoiding insufficient funds. Without this service, you are more likely to accept payment from customers with a history of insufficient funds. Check verification systems allow you to run the check before acceptance. If there is an issue with the account, you will receive a warning message to assist in deciding whether or not the payment is acceptable. If it is too risky, your staff can request an alternative form of payment avoiding a rejected transaction. They are run against a database of accounts to determine if the customer has a history of bad transactions.

Does the provider offer check guarantee services? These are often available at a small cost to your business. Received transactions are verified by checking a database for account fraud. It can provide the additional protection you need to prevent losses incurred by these complications. Check collections services provide the final layer of protection. When a transaction does bounce due to insufficient funds, it is sent to the processor who turns it over to a collection team. Presentment occurs when the payment is first submitted to your bank. If it is rejected, it can be re-presented by the processing company. They can submit the check by phone payment two more times to the clearing house in attempt to collect the payment. This service is very beneficial in many circumstances. AVPS offers these services as well as many other merchant services which can make this new transaction venture secure and worthwhile for your business.

 

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