8 Ways To Fight Back and Win Against Bounced Checks / Why Echek is Better Than Its Paper Counterpart

by Trisha Echols   If you already have your own business, you realize there are various forms of payment for your goods or services-- cash basis, credit cards, and checks. These three keep your business going. Most merchants, like you, prefer cash payments. But then again, that's not always possible. Sooner or later, some customers will want flexible payment option through credit cards or through checks. If you accept or have accepted payment by check in the past, then surely you might have already experienced the dreaded curse of every businessman : bouncing check. As the term suggests, it “ bounces” back due to lack of funds. You can do several actions to fight back against bouncing checks and maintain your sanity. Here's how:   <ol><li>If the check is issued in your presence, ensure that all fields are properly filled up. There should be no blank field whatsoever. </li><li>Make sure that your name, date, and amount are written legibly. </li><li>The name of the issuing customer, as well as his/her telephone number and other contact information should be written at the back of the check. </li><li>Get in touch with the customer and determine if the bounced check was issued by mistake. You see, we human beings are not perfect and prone to make mistakes from time to time. When this happens, keep your cool. Don't go berserk and do a Rambo act. If the customer confirms the mistake in issuing the check, gently insist that it be corrected promptly. </li><li>Do not deposit the bounced check in your bank. You will only incur bounced check charges-- a double whammy to your disadvantage. Call the customer and confirm with him. If he fails to respond to your initiatives, then go directly to the bank it was drawn and inquire if it has sufficient funds. </li><li>Refuse any third party checks. This means you should not accept any check issued to someone else. If you do, there's a greater chance that you will encounter problems with it. Avoid it like a plague. </li><li>When all initiatives fail, file necessary charges at the designated court against the erring customer. A word of caution,though. Do this step as a last resort. </li><li>Utilize the security and the convenience of e-check by subscribing to an on-line check processing service provider. E-check, according to <a href="http://www.echeck.org/"></a>www.echeck.org is an electronic representation of a paper check. You may ask, “How does this process work?” It's actually very simple. To start with, subscribe to any electronic check processing service. After that, your customers can use any check image processing software to scan their check payment for you. Then they can send you the check image file through the Internet. As soon as you receive this particular file, you can submit it to the electronic check payment processing service you subscribe to. In turn, the company will be the one to process your customer's check. This e-check processing company will pay you the amount reflected on the check, minus the charges even before the check is cleared. And too often, the amount will be deposited in your account while you are playing golf. </li></ol> Don't let bouncing checks bug you. If you follow these steps, you will be protected from incurring unnecessary financial losses . Plus,you will also have a thriving business. So be smart, use echeck, and say goodbye to bouncing paper checks.  ( Trisha Echols currently is a long-time financial consultant with established consultancy offices in Amsterdam, Halifax, Malaysia and other key cities. Her clients belong to the top 500 companies in England and in the United States. She does lectures on strategic business practices and also writes for various magazines on business matters.)   <a href="http://www.onlywire.com/submit?u=http://www.echeckprocessing.biz/8_ways_to_fight_back_and_win_against_bounced_checks.html;t=check%20processing;tags=Check%20processing" target="_blank" title="Add this Article to Onlywire"><img src="http://www.onlywire.com/i/onlywire.ico" alt="" />Add to Onlywire!</a>

Apply Now, Instant Approval!

News and Articles

more...